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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.

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.

The trucking industry reported a weak second quarter with freight volumes and destocking efforts putting downward pressure on demand.

Yellow Corp. has sparked a bidding war between investment firms and a rival trucking company interested in funding the now-shuttered company’s liquidation.

UPS Inc. has become a hot employer since its union last month secured $30 billion in new money over a five-year contract.

Profits at UPS fell year-over-year in the second quarter as the parcel carrier lost more business to rivals than expected due to uncertainty surrounding negotiations with the Teamsters.

Yellow Corp. on Aug. 7 announced it was seeking Chapter 11 bankruptcy protection and entering into an agreement that would secure sufficient financing to wind down operations.