8-K

                              UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC 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): January 31, 2005

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


Delaware                           3089                      95-2677354
(State or other jurisdiction     (Primary Standard           (IRS Employer
of incorporation)                Industrial Classification   Identification
                                 Code Number)                No.

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


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

                               Not Applicable
       (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))



Item 1.01  Entry into a Material Definitive Agreement

Effective as of January 31, 2005, Viskase Companies, Inc. ("Viskase") entered
into a Separation Agreement (the "Separation Agreement") with Stephen E.
Foli, Vice President, Worldwide Operations, of Viskase, pursuant to
which the parties have mutually agreed to terminate the employment
relationship between Mr. Foli and Viskase.  The Separation Agreement sets
forth certain agreements and understandings between the parties associated
with Mr. Foli's termination.  A copy of the Separation Agreement is attached
hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 5.02  Departure of Directors or Principal Officers; Election of
           Directors; Appointment of Principal Officers
Effective on January 31, 2005, Stephen E. Foli terminated his employment as
Vice President, Worldwide Operations, of Viskase, as described under Item
1.01 above  The description under Item 1.01 is incorporated by
reference into this Item 5.02.

Item 9.01  Financial Statements and Exhibits

(c) Exhibits

Exhibit No.     Description
- ----------      -----------

10.1            Separation Agreement by and between Viskase Companies, Inc.
                and Stephen E. Foli dated as of January 31, 2005.



                               SIGNATURES

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

                              VISKASE COMPANIES, INC.

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

Date: February 3, 2005

EX-10

                                                         EXHIBIT 10.1

                        SEPARATION AGREEMENT


Date:                January 31, 2005

Prepared for:        Stephen E. Foli
                     12031 Holly Court
                     Lemont, IL 60439
                     (630) 243-9130

Service Date:        June 12, 1967
Last Day Worked:     January 31, 2005


Severance Pay
- -------------
You will be paid severance for 6 months commencing February 1, 2005 and
ending on July 31, 2005 at your current base salary of $14,068.00 per
month. Your severance pay will be payable as part of the Company's normal
payroll cycle.

In the event of your death prior to completion of the total severance pay
due you, the remaining severance pay balance at the time of your death
will be payable to your estate in accordance with the payment schedule
contained herein.

Total Maximum Severance Benefit:          $84,408.00

Outplacement Counseling/Retirement Planning
- --------------------------------------------
You will be provided with executive outplacement services and retirement
counseling the selection of which will be by mutual agreement.

The outplacement services will continue for 6 months.  The outplacement
will be fully at Viskase expense.

Should you choose retirement counseling, it will consist of a two (2) day
seminar for you and your spouse.  The retirement counseling will be fully
at Viskase expense.

No payment will be made in lieu of these benefits.

Management Incentive Plan (M.I.P.)
- ----------------------------------
You will be paid any earned 2004 M.I.P. in the year 2005.  This payment
will be based on the achievement of the stated EBITDA goal; your personal
performance; your latest annualized salary

($168,816.00); and the target payout percentage consistent with
Management Level I (40.0%).

Restricted Stock
- ----------------
Under the Viskase Companies, Inc. Restricted Stock Plan, on April 3, 2003
you were granted 10,000 restricted shares.

Shares of the stock granted to you will continue to vest per the Plan's
vesting schedule and will continue to be subject to the terms and
conditions contained in the Plan.

Executive Auto Lease
- --------------------
Viskase will provide you a lump sum payment in the amount of $8,400.00
representing the lease reimbursement of $600 per month for the remaining
number of months of your auto lease.  This amount will appear in your W-2
income for 2005 and will be grossed up to be tax-neutral.

Vacation
- --------
You will be paid for any unused 2005 vacation, the 2006 accrued vacation
and any banked vacation on your last day of employment, or January 10,
2005.

Medical, Dental, and Life Insurance Benefits
- --------------------------------------------
You and all eligible dependents will be able to continue to participate
in the medical, dental, basic life, supplemental life, and dependent life
insurance plans during the severance period, or until you are covered
under the plans of your new employer, whichever comes first. Your payroll
deductions will continue for any plans you wish to maintain.

Medical and Dental Insurance Continuation
- -----------------------------------------
When your coverage ends under the Viskase plans at the end of your
severance period, you may continue medical and/or dental benefits with
Viskase under COBRA for up to an additional 18 months.  A letter will be
provided to you explaining the coverage, enrollment procedures, and cost.

Life Insurance Continuation
- ---------------------------
Basic and supplemental life insurance plans may be converted and/or
ported to an individual policy if you apply within 30 days from the end
of the severance period.  A conversion form and a portability form will
be provided to you.

Unemployment Compensation
- -------------------------
You are subject to the Unemployment Compensation laws in the State in
which you work.

Defined Benefit Pension Estimate (Includes Union Carbide)
- ---------------------------------------------------------
You meet the requirements for a unreduced retirement benefit.  You are
eligible for Pension benefits beginning February 1, 2005.

SAVE Plan
- ---------
Your SAVE deductions will stop January 31, 2005.  If your balance is over
$5,000, you may


leave your money in the Plan until age 70, or elect a distribution.  If
you elect a distribution, you may receive your entire account balance in
a lump sum, or roll the balance over into another tax-deferred plan.  The
outstanding balance of a SAVE loan is considered a distribution.  A SAVE
loan can be paid off with a lump sum payment.  You may exercise your
options by calling the Prudential Answer Line at 1.800.253.2287.

Confidential/Proprietary Acknowledgment
- ---------------------------------------
As part of this Separation Agreement, it is understood, as acknowledged
by your signature at the end of this letter, that you will treat as
"Confidential" and "Proprietary" those items unique to Viskase
Corporation and Viskase Companies, Inc. and the conduct of its business,
unless those items, through no fault of yours, become part of public
domain.  Those items shall include, but not be limited to, customer
information; pricing; marketing plans; new products and processes;
strategy plans; acquisitions; budgets; financial results; capital
spending plans; legal proceedings; and related personnel/organizational
issues.  Should there be a violation of the "Confidentiality" and
"Proprietary" agreement, Viskase will pursue any and all remedies
allowable by law.

In addition, you will not, directly or indirectly, hire or attempt to
hire any employee of Viskase Corporation and Viskase Companies, Inc. or
take any other action, which would encourage any such individual to leave
our employ during your severance period of six (6) months, ending July
31, 2005.


VISKASE CORPORATION


BY: /s/ Robert Weisman
    -------------------------------
      Robert Weisman
      President & CEO


By my signature below, I hereby acknowledge receipt of a signed original
of this document and indicate my understanding, acceptance and agreement
to all the terms and conditions of the Separation Agreement.

  /s/ Stephen E. Foli
- --------------------------------------
Stephen E. Foli

Dated:     February 3, 2005
        --------------------------------------------------


     Please note that insurance plans may change or terminate at any time.