Flights resumed from Shoreham on Tuesday afternoon
Shoreham Airport in West Sussex has reopened after being sold off to a related company.
The Erinaceous Group which had owned the airport went into administration on Monday, with debts of a quarter of a billion pounds.
Flights were grounded because of fears the insurance might no longer be valid.
Albemarle Shoreham Airport Limited, which bought the Erinaceous Group's interest on Tuesday, said it was committed to regenerating the airport.
The firm, which already owns the commercial buildings at Shoreham, said the acquisition reunited the airport into single control.
A spokesman added: "Albemarle remains committed to the regeneration of the airport in accordance with the vision of the joint owning councils, when the airport was originally sold in June 2006.
"The airport reopens for business immediately and we are delighted this has taken place within one day of it going into administration."
Flights to Cannes and Deauville in Normandy left Shoreham at 1445 BST and 1500 BST on Tuesday.
The Erinaceous Group appointed KPMG administrators and trading on the stock exchange was suspended on Monday.
About 30 businesses operate from the airport site, including SkySouth airline, flight training schools, small private jets and some commercial transport.