K-7 Capital Scraps Plan to Acquire Patriot Airlines

K-7 Capital Corp. in Sherman Oaks said it scrapped plans to acquire Patriot Airlines Inc., a charter air-cargo carrier based in Redwood City, Calif.

In preliminary talks, the companies had proposed merging through an exchange of stock, but specific terms had not been announced. K-7 Capital said it would continue looking for privately held companies as potential merger candidates.