Brazilian low cost carrier GOL is closing down its Webjet subsidiary, returning all 20 of the carrier’s Boeing 737-300s and laying off 850 employees. Announcing the closure Friday, GOL said, “Webjet has an operational model based on a fleet that mostly consists of aging Boeing 737-300 aircraft that are advanced age, technologically out of date and consume large amounts of fuel. Given the Brazilian sector’s new cost standards, this model is no longer competitive. The ...

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