8-K

                         SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C. 20549

                                       FORM 8-K

                                   CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of the

                            Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported) July 15, 2002


                           VISKASE COMPANIES, INC.
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)



       Delaware                     0-5485                       95-2677354
- -------------------------------    --------                      ----------
(State or other jurisdiction of   (Commission                     (I.R.S.
 incorporation or organization)     File No.)                     Employer
                                                                Identification
                                                                      No.)


625 Willowbrook Centre Parkway, Willowbrook, Illinois     60527
- -------------------------------------------------------  ---------
(Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code: (630) 789-4900
                                                    --------------











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                                    Page 1 of 3


Item 5. - Other Events
          ------------

Viskase Companies, Inc. (Company) today announced that it has executed a
restructuring agreement with an Ad Hoc Committee of the Company's Senior
Notes due December 1, 2001 (the "Senior Notes") for the restructuring of the
Senior Notes.

A copy of the press release is attached hereto as Exhibit 99.

Item 7. - Financial Statements and Exhibits
          ---------------------------------

 (c)      Exhibits

EX-99     Press release dated July 16, 2002


                                         SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                   VISKASE COMPANIES, INC.
                                   -----------------------
                                   Registrant



                                   By:  /s/ Gordon S. Donovan
                                        ---------------------
                                        Gordon S. Donovan
                                        Vice President, Chief
                                        Financial Officer and
                                        Treasurer


July 16, 2002


Exhibit No.     Description of Exhibits                                  Page
- -----------     ---------------------------------                        ----

EX-99           Press release dated July 16, 2002                          3

EX-99

VCIC                                      For additional information contact:
                                          G.S. Donovan (630) 789-4900
                                          K.K. Duttlinger (630) 789-4900

                 VISKASE COMPANIES, INC. ANNOUNCES AGREEMENT
                    TO RESTRUCTURE ITS 10.25% SENIOR NOTES

WILLOWBROOK, ILLINOIS, July 16, 2002 - Viskase Companies, Inc. (the
"Company") today announced that it has executed a restructuring agreement
with an Ad Hoc Committee of the Company's 10.25% Senior Notes due December 1,
2001 (the "Senior Notes") for the restructuring of the Senior Notes.  Under
the terms of the proposed restructuring, the Company's wholly owned operating
subsidiary, Viskase Corporation, will be merged with and into the Company
with the Company being the surviving corporation.  The outstanding Senior
Notes would be exchanged for new Senior Secured Notes (the "New Notes") and
shares of Series A Preferred Stock (the "Preferred Stock") to be issued by
the Company on a basis of $367.96271 principal amount of New Notes (i.e.,
$60,000,000) and 126.82448 shares of Preferred Stock (i.e., 20,680,000 shares
or 94% of the preferred stock) for each $1,000 principal amount of Senior
Notes.

Under the proposed restructuring, the Company will continue to provide an
uninterrupted supply of products and services to customers worldwide.  Trade
creditors and vendors will be totally unaffected and will continue to be paid
in the ordinary course of business, and the Company's employees will be paid
all wages, salaries and benefits on a timely basis.

The New Notes would bear interest at a rate of 8% per year, payable semi-
annually (except annually with respect to year four and quarterly with
respect to year five), with interest payable in principal amount of New Notes
for the first three years (pay-in-kind).  Interest for years four and five
will be payable in cash to the extent of available cash flow, as defined, and
the balance in principal amount of New Notes (pay-in-kind).  Thereafter,
interest will be payable in cash.  The New Notes would mature on December 1,
2008.

The New Notes would be secured by a first lien in the assets of the Company,
post-merger.  The New Notes will be subject to subordination of up to $25
million for a secured working capital credit facility for the Company.

The Preferred Stock will pay a 6% cumulative dividend.  Its holders will vote
on an as-converted basis on all matters together with the Company's common
stockholders.  The Preferred Stock will have a liquidation preference of
$5.00 per share and will be convertible into common stock at any time at a
price of $.20 per share.  Upon conversion, the Preferred Stock would
represent about 97% of the common stock.  Accrued but unpaid dividends, at
time of conversion, will be convertible into common stock upon the same
basis.  At the Company's option, the Preferred Stock would be automatically
converted into common stock on the same basis in connection with a public
offering of securities by the Company of not less than $50 million.
Dividends on the Preferred Stock would be payable in cash to the extent the
Company is legally, contractually and financially able to pay dividends.

Under the proposed restructuring, 1.32 million shares of Preferred Stock (or
upon the request of Company management, options to purchase 1.32 million
shares of Preferred Stock), representing 6% of the Preferred Stock, will be
reserved for Company management.  Such shares or options will be subject to a
vesting schedule with acceleration upon the occurrence of certain events.

The proposed exchange offer would be subject to acceptance by holders of 100%
of the outstanding Senior Notes, unless waived by the Company and approved by
the Ad Hoc Committee.  The Ad Hoc Committee members, holding in the aggregate
approximately 54% of the Senior Notes, have agreed to accept the proposed
exchange offer.  The exchange offer would include a solicitation for a
Chapter 11 plan for the Company.  If less than 100% of the outstanding Senior
Notes accept the exchange offer but sufficient Senior Notes are exchanged to
satisfy the voting requirements for acceptance of a Chapter 11 plan, the
Company will commence a voluntary Chapter 11 proceeding and submit a Chapter
11 plan containing substantially the terms set forth in the exchange offer.
In the event the exchange offer is consummated through a bankruptcy
proceeding, the Company's common stock will be canceled and new common stock
will be issued, 94% to the holders of Senior Notes and 6% to the Company's
management.  Holders of old common stock would receive warrants to purchase
shares of new common stock equal to 2.7% of the Company's common stock.
Assuming all warrants are exercised, holders of the Senior Notes would
receive approximately 91.5% of the new common stock and approximately 5.8%
would go to the Company's management.  Thus, the consideration received by
all noteholders would be substantially the same regardless of whether the
proposed restructuring occurs pursuant to an exchange offer or prepackaged
Chapter 11 plan.

Upon completion of the proposed restructuring the Board of Directors of the
Company would be reconstituted to consist of five members, including the
Company's Chief Executive Officer and four other persons designated by the Ad
Hoc Committee.

The members of the Ad Hoc Committee have agreed to support the proposed
restructuring, including exchanging their Senior Notes and take such other
reasonable actions as necessary to consummate the proposed restructuring.  In
addition, the members of the Ad Hoc Committee have agreed not to transfer
(other than to another member of the Ad Hoc Committee or an affiliate of a
member) their shares of Preferred Stock for a period of two years after the
exchange offer is completed.  For a period of one year thereafter, the
Company would have a right of first refusal to either purchase or designate a
purchaser for shares of Preferred Stock to be transferred by a member of the
Ad Hoc Committee to a person other than another member of the Ad Hoc
Committee or their affiliates.

Viskase Companies, Inc. has its major interests in food packaging.  Principal
products manufactured are cellulosic and nylon casings used in the
preparation and packaging of processed meat products.

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