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Brazilian airline GOL, which claims to be the largest low-cost airline in Latin America, announced it was closing its subsidiary Webjet, acquired a year ago, and laying off 850 people.

“GOL communicates from this date, the start of the process of closing the activities of its subsidiary Webjet,” the company said in a statement that also confirmed the dismissal of 850 employees, including technical, commercial and maintenance workers. GOL said Webjet operated a fleet of aging Boeing 737-300 aircraft that consumed high levels of fuel and used outdated technology.