The shares of Jet Airways surged more than 10 per cent on Tuesday on reports of Atlanta-based Delta eyeing a stake. Suitors, however, may have to grapple with the more than Rs 7,000-crore debt in the airline apart from the key question of whether founder Naresh Goyal will be willing to cede control.

There has been no dearth of suitors for Jet Airways, which has been grappling with financial woes amid a challenging environment. Reports had earlier said the Tatas wanted a controlling stake in the airline, but Jet offered only a 26 per cent stake.

The shares of the airline on Tuesday rose Rs 21.80 or 10.19 per cent on news that Delta Airlines wants to purchase the 51 per cent stake of Goyal and 24 per cent held by Etihad Airways, as well. During intra-day trades, the scrip climbed more than 12 per cent to hit a high of Rs 240.90.

For the Tatas, the acquisition of Jet Airways will be hugely beneficial since it already has two joint ventures — Vistara with Singapore Airlines and low-cost carrier service with Malaysia’s AirAsia.

Market circles, however, feel for a group with deep pockets, the debt at Jet Airways should not be a problem.

As on June 30, the gross debt on the balance sheet of Jet Airways stood at Rs 8,620 crore while the net debt was placed at Rs 7,364 crore. Soon after its first-quarter results, Amit Agarwal, deputy chief executive officer and chief financial officer, had said that close to 65 per cent of its total debt is denominated in dollars. Jet Airways had reported a standalone loss of Rs 1,323 crore during the first quarter ended June 30.

The airline had recently said that it is actively engaged in updating partners, including lessors, about steps being taken to improve liquidity.