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):  May 16, 2003


                         Viskase Companies, Inc.
                         -----------------------
        (Exact name of registrant as specified in its charter)





          Delaware                      0-5485                 95-2677354
- ----------------------------      -------------------      -----------------
(State or other jurisdiction     (Commission File No.)     (I.R.S. Employer
 of incorporation                                         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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Item 5. - Other Events
          ------------
Viskase Companies, Inc. announced first quarter 2003 financial results.

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 May 16, 2003


                                       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


May 19, 2003

Exhibit No.     Description of Exhibits                            Page
- ----------      -----------------------                            ----
EX-99           Press release dated May 16, 2003                     3

EX-99

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

            VISKASE COMPANIES, INC. FIRST QUARTER 2003 RESULTS

WILLOWBROOK, ILLINOIS, May 16, 2003 - Viskase Companies, Inc. (VKSCV) today
announced its first quarter 2003 financial results.

Net sales for the three months ended March 31, 2003 were $45.4 million,
representing an increase of 4.6% from the comparable period of 2002.  The
increase in sales reflects the strengthening Euro against the U.S. dollar.
Sales continue to be effected by reduced selling prices in the casings
industry on relatively constant volume.

Operating loss for the three months ended March 31, 2003 was $(2.0) million
representing an improvement of $.4 million from the comparable period of
2002.  The operating loss resulted primarily from declines in sales caused by
continued price competition in the worldwide casings industry.  The
improvement in the operating loss resulted from operating efficiencies and
from previous cost saving measures.  The Company does not expect to see an
improvement in its operating income until prices begin to increase.

Operating earnings before depreciation, interest, amortization and taxes
(EBDIAT) for the first three months ended March 31, 2003 and 2002 were $3.3
million.

Net loss for the three months ended March 31, 2003 was $(2.1) million, or
$(.14) per share, compared with a net loss of $(7.9) million, or $(.51) per
share, from the comparable period of 2002.  Net loss in 2003 primarily
benefits from a reduction in interest expense due to the absence of accrued
interest expense on the 10.25% senior notes resulting from the bankruptcy
proceeding and from operating efficiencies and previous cost saving measures.

Viskase Companies, Inc. retains its major interests in the food packaging
industry through Viskase Corporation.


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