For-Hire

Used trucks and trailers owned by bankrupt Yellow Corp. are set to come up for auction in unprecedented numbers, but the market can handle it, say observers.

Making sure flatbed cargo is secured for transit goes beyond meeting applicable regulations, which cannot cover every contingency, experts contend.

Analysts are expecting more players to take part in an upcoming auction for the 169 terminals owned by Yellow Corp. beyond those who already have raised their hands.

The Yellow Corp. shutdown is having a downstream effect on the less-than-truckload space as freight volumes flow toward competitors.

A unit of H.I.G. Capital is to acquire third-party logistics provider Ascent Global Logistics for an undisclosed sum, the Miami-based private equity group said Aug. 22.

The 340,000 employees of UPS Inc. represented by the International Brotherhood of Teamsters have approved a new five-year labor pact with the company.

Estes Express Lines is in line to buy the terminals of bankrupt less-than-truckload rival Yellow Corp. after submitting a $1.3 billion bid, a court heard Aug. 17.

An affiliate of Ken Griffin’s Citadel has acquired roughly $485 million in Yellow Corp. debt previously owned by Apollo Global Management and other lenders to the bankrupt trucking firm.

Yellow Corp. continues to work with potential financiers, including Estes Express Lines, who are offering more affordable alternative bankruptcy financing for the LTL trucking company.

Forward Air Corp. and Omni Logistics announced Aug. 10 that they have entered into a definitive agreement to combine in a cash-and-stock transaction.