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

                     VISKASE COMPANIES, INC. ANNOUNCES
             EXPIRATION OF EXCHANGE OFFER AND FILING OF VOLUNTARY
                      PREPACKAGED BANKRUPTCY PETITION

WILLOWBROOK, ILLINOIS, November 13, 2002 - Viskase Companies, Inc. (the
"Company") announced today that pursuant to the terms of the Restructuring
Agreement between the Company and members of the ad hoc committee (the "Ad
Hoc Committee") of holders of its 10 1/4% Senior Notes ("Senior Notes"), the
Company has filed a voluntary petition under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court to seek confirmation of
a prepackaged plan of reorganization (the "Plan") already approved by the
required number of holders and principal amount outstanding of the Senior
Notes.  The Company had previously commenced an exchange offer relating to
the Senior Notes which exchange offer expired at 5:00 p.m. on November 4,
2002.  The exchange offer was conditioned on tender of all outstanding Senior
Notes.  The exchange offer was conducted simultaneously with a solicitation
for approval of the Plan, which required the consent of a majority in number
of the holders representing at least 66 2/3% in principal amount of the
Senior Notes actually voting in the solicitation.  $141,314,000 principal
amount of Senior Notes were tendered in the exchange offer, representing
86.7% of the principal amount outstanding.  In the solicitation, consents to
the Plan were received from the holders of $112,101,000 principal amount of
Senior Notes, representing 68.7% of the principal amount of Senior Notes
outstanding, 91.4% of the principal amount of Senior Notes that voted in the
solicitation and 91.4% of the number of holders of Senior Notes that voted in
the solicitation voted to accept the Plan.

The Chapter 11 filing was for Viskase Companies, Inc. only.  The Chapter 11
filing does not include any of the Company's domestic or foreign operating
subsidiaries.  Therefore, the Company's operating subsidiaries 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 operating
subsidiaries' employees will be paid all wages, salaries and benefits on a
timely basis.  Under Chapter 11, the Company may operate its business in the
ordinary course as a debtor in possession, subject to prior Bankruptcy Court
approval of transactions outside the ordinary course and certain other
matters.

The Company has asked the Bankruptcy Court for an expedited confirmation
hearing in order to allow the Company to emerge from bankruptcy as soon as
practicable.  Although the Company expects to consummate the Plan already
approved by the required number of holders and principal amount outstanding
of the Senior Notes, it can provide no assurances that any restructuring will
be completed on the terms indicated in the Plan, or at all.

Under the terms of the Plan, the Company's wholly owned operating subsidiary,
Viskase Corporation, would be merged with and into the Company immediately
prior to or upon consummation of the Plan with the Company being the
surviving corporation.  The outstanding Senior Notes would receive new 8%
Senior Secured Notes ("New Notes") and shares of new common stock ("New
Common Stock") to be issued by the Company on a basis of $367.96271 principal
amount of New Notes (i.e., $60,000,000) and 3,170.612 shares of New Common
Stock (i.e., 517,000,000 shares or 94% of the New Common Stock) for each one
thousand dollar principal amount of Senior Notes.  The existing shares of
common stock of the Company would be canceled.  Holders of the old common
stock would receive warrants to purchase shares of New Common Stock equal to
2.7% of the Company's New Common Stock at an exercise price of $0.20 per
share.  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 be issued or reserved for issuance to the Company's management and
employees.

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 the form of New Notes (pay-
in-kind) for the first three years.  Interest for years four and five will be
payable in cash to the extent of available cash flow, as defined, and the
balance in the form 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,
other than the assets subject to an equipment lease with General Electric
Capital Corporation and certain real estate, post-merger.  The New Notes
would be subject to subordination of up to $25,000,000 for a secured working
capital credit facility for the Company.

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 Ad Hoc Committee members, holding in the aggregate approximately 54% of
the Senior Notes, have agreed to and have voted in favor of the Plan.  The
members of the Ad Hoc Committee have also agreed to take such other
reasonable actions as necessary to consummate the proposed restructuring.

Forward-looking statements in this press release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995.  Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause
actual results and Company plans and objectives to differ materially from
those projected.  Such risks and uncertainties include, but are not limited
to, general business and economic conditions; the Company's ability to
effectuate a restructuring of the Senior Notes and other effects of the
restructuring on the Company; competitive pricing pressures for the Company's
products; changes in other costs; opportunities that may be presented to and
pursued by the Company; determinations by regulatory and governmental
authorities; and the ability to achieve synergistic and other cost reductions
and efficiencies.

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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