SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C. 20549

                              _______

                             FORM 10-Q



/X/    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

       For the quarterly period ended      March 31, 2000
                                      ---------------------

                                OR

/ /    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

       For the transition period from            to
                                      ----------    -------------


                    Commission file number   0-5485
                                          ----------


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


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

6855 W. 65th Street, Chicago, Illinois                 60638
---------------------------------------           -------------
(Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code:  (708) 496-4200



     Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past
90 days.  Yes   X       No
              -----        -----

     As of May 15, 2000, there were 15,096,458 shares outstanding of the
registrant's Common Stock, $.01 par value.


                          Page 1 of 18 Pages

                    INDEX TO FINANCIAL STATEMENTS



            VISKASE COMPANIES, INC. AND SUBSIDIARIES

     UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                                                  PAGE
Consolidated balance sheets at March 31, 2000 (unaudited)
     and December 31, 1999                                          4

Unaudited consolidated statements of operations for
     the three months ended March 31, 2000 and March 31, 1999       5

Unaudited consolidated statements of cash flows for
     the three months ended March 31, 2000 and March 31, 1999       6

Notes to consolidated financial statements                          7






                      PART I.  FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS
        --------------------

The financial information included in this quarterly report has been
prepared in conformity with the accounting principles and practices
reflected in the financial statements included in the annual report on
Form 10-K filed with the Securities and Exchange Commission for the year
ended December 31, 1999 (1999 Form 10-K). These quarterly financial
statements should be read in conjunction with the financial statements
and the notes thereto included in the 1999 Form 10-K. The accompanying
financial information, which is unaudited, reflects all adjustments
which are, in the opinion of management, necessary for a fair statement
of the results for the interim periods presented.

The condensed consolidated balance sheet as of December 31, 1999 was
derived from the audited consolidated financial statements in the
Company's annual report on Form 10-K.

Reported interim results of operations are based in part on estimates
which may be subject to year-end adjustments. In addition, these
quarterly results of operations are not necessarily indicative of those
expected for the year.


<PAGE>
<PAGE>
                  VISKASE COMPANIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                March 31,          December 31,
                                                  2000                1999
                                               ----------          -----------
                                               (unaudited)
                                                        (in thousands)
<S>                                              <C>                   <C>
ASSETS
  Current assets:
    Cash and equivalents                          $    6,224            $  6,243
    Receivables, net                                  45,426              48,971
    Inventories                                       81,394              78,672
    Other current assets                              13,849              14,540
                                                  ----------            --------
      Total current assets                           146,893             148,426

  Property, plant and equipment,
    including those under capital leases             487,076             488,369
    Less accumulated depreciation
      and amortization                               186,313             178,122
                                                  ----------            --------
    Property, plant and equipment, net               300,763             310,247

  Deferred financing costs, net                        1,813               3,059
  Other assets                                        31,913              32,086
                                                  ----------            --------
      Total assets                                $  481,382            $493,818
                                                  ==========            ========
LIABILITIES AND STOCKHOLDERS' EQUITY
  Current liabilities:
    Short-term debt including current portion
      of long-term debt and obligations
      under capital leases                        $  124,757           $  23,095
    Accounts payable                                  27,518              35,202
    Accrued liabilities                               55,900              46,966
    Current deferred income taxes                      8,683               8,683
                                                  ----------            --------
      Total current liabilities                      216,858             113,946

  Long-term debt including obligations
    under capital leases                             301,344             404,151
  Accrued employee benefits                           46,947              46,787
  Deferred and noncurrent income taxes                16,642              18,376

  Commitments and contingencies

  Stockholders' equity:
    Preferred stock, $.01 par value;
      none outstanding
    Common stock, $.01 par value;
      15,089,790 shares issued and
      outstanding at March 31, 2000 and
      15,058,439 shares at December 31, 1999             151                 151
    Paid in capital                                  137,523             137,454
    Accumulated (deficit)                           (238,108)           (229,212)
    Cumulative foreign currency
      translation adjustments                             25               2,165
                                                  ----------            --------
      Total stockholders'(deficit)                  (100,409)            (89,442)
                                                  ----------            --------
      Total liabilities and stockholders' equity  $  481,382            $493,818
                                                  ==========            ========
<FN>
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>
                  VISKASE COMPANIES, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (unaudited)
<TABLE>
<CAPTION>
                                                           Three Months          Three Months
                                                            Ended March          Ended March
                                                             31, 2000             31, 1999
                                                          ---------------      ---------------
                                                              (in thousands, except for
                                                         number of shares and per share amounts)
<S>                                              <C>                 <C>
NET SALES                                           $ 51,770             $55,136
                                                  ----------            --------
COSTS AND EXPENSES
  Cost of sales                                       38,705              40,493
  Selling, general and administrative                 11,186              12,285
  Amortization of intangibles                            500                 500
                                                  ----------            --------
OPERATING INCOME                                       1,379               1,858

  Interest income                                         53                 103
  Interest expense                                    12,159              10,290
  Other expense, net                                     113               2,009
                                                  ----------            --------
(LOSS) FROM CONTINUING OPERATIONS
  BEFORE INCOME TAXES                                (10,840)            (10,338)

  Income tax (benefit)                                  (713)             (2,373)
                                                  ----------            --------
NET (LOSS) FROM CONTINUING OPERATIONS                (10,127)             (7,965)

DISCONTINUED OPERATIONS:
  Income (loss) from operations
    net of income taxes (Note 5)                       1,231              (3,371)
                                                  ----------            --------
NET (LOSS)                                            (8,896)            (11,336)

Other comprehensive (loss), net of tax:
  Foreign currency translation adjustments            (1,305)               (995)
                                                  ----------            --------
COMPREHENSIVE (LOSS)                                $(10,201)           $(12,331)
                                                  ==========            ========
WEIGHTED AVERAGE COMMON SHARES
  - BASIC AND DILUTED                             15,085,642          14,867,057
                                                  ==========          ==========
PER SHARE AMOUNTS:

EARNINGS (LOSS) PER SHARE
  - basic and diluted
  Continuing operations                                $(.67)              $(.54)

  Discontinued operations:
      Income (loss) from operations                      .08                (.22)
                                                      ------               -----
NET (LOSS)                                             $(.59)              $(.76)
                                                      ======               =====
<FN>
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>
                      VISKASE COMPANIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      (unaudited)
<TABLE>
<CAPTION>
                                                               Three  Months  Ended
                                                         -----------------------------------
                                                                  March 31,          March 31,
                                                                     2000             1999
                                                                -------------       ------------
                                                                         (in thousands)
<S>                                                             <C>                 <C>
Cash flows from operating activities:
    Net (loss)                                                     $(8,896)           $(11,336)
    Adjustments to reconcile net (loss) to net cash
      provided by (used in) operating activities:
      Depreciation and amortization under capital lease             10,140              10,120
      Amortization of intangibles                                    1,250               1,250
      Amortization of deferred financing fees and discount           1,564                 286
      (Decrease) in deferred and
        noncurrent income taxes                                     (1,011)             (2,030)
      Foreign currency transaction loss                                307                  43
      Loss on disposition of assets                                                         24
      Bad debt provision                                               179                 233

      Changes in operating assets and liabilities:
        Receivables                                                  2,456                (967)
        Inventories                                                 (3,692)             (2,859)
        Other current assets                                           482              (6,509)
        Accounts payable and accrued liabilities                     2,091               1,582
        Other                                                         (338)              1,525
                                                                ----------            --------
      Total adjustments                                             13,428               2,698
                                                                ----------            --------
        Net cash provided by (used in) operating activities          4,532              (8,638)

Cash flows from investing activities:
    Capital expenditures                                            (3,242)             (5,997)
    Proceeds from disposition of assets                                                     12
                                                                ----------            --------
        Net cash (used in) investing activities                     (3,242)             (5,985)

Cash flows from financing activities:
    Issuance of common stock                                            69                  49
    Deferred financing costs                                          (317)                (26)
    Proceeds from revolving loan and long-term
      borrowings                                                    59,002              30,134
    Repayment of revolving loan, long-term borrowings
      and capital lease obligation                                 (60,066)            (13,353)
                                                                ----------            --------
        Net cash (used in) provided by financing activities         (1,312)             16,804

Effect of currency exchange rate changes on cash                         3                (510)
                                                                ----------            --------
Net (decrease) increase in cash and equivalents                        (19)              1,671
Cash and equivalents at beginning of period                          6,243               9,028
                                                                ----------            --------
Cash and equivalents at end of period                              $ 6,224             $10,699
                                                                ==========            ========
______________________________________________________________________________

Supplemental cash flow information:
  Interest paid                                                    $ 4,940            $ 10,616
  Income taxes paid                                                $   452            $    631

<FN>
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
               VISKASE COMPANIES, INC. AND SUBSIDIARIES
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. INVENTORIES (dollars in thousands)

Inventories consisted of:
                                           March     December
                                         31, 2000    31, 1999
                                        ----------  -----------
Raw materials                             $ 9,953     $10,361
Work in process                            31,209      31,039
Finished products                          40,232      37,272
                                          -------     -------
                                          $81,394     $78,672
                                          =======     =======

Approximately 59% of the inventories at March 31, 2000 were valued at Last-
In, First-Out (LIFO).  These LIFO values exceeded current manufacturing cost
by approximately $7,642 at March 31, 2000.

2.  DEBT OBLIGATIONS (dollars in thousands)

Viskase Corporation and Viskase Sales Corporation entered into two-year
secured credit agreements consisting of a $50 million senior revolving credit
facility, including a $26 million sublimit for issuance of letters of credit
(Senior Revolving Credit Facility), a $50 million senior term facility
(Senior Term Facility), collectively the "Senior Secured Credit Facility,"
and $35 million of junior secured term loans (Junior Term Loans). The Senior
Secured Credit Facility and Junior Term Loans have a maturity date of June
30, 2001.

The Company entered into an Agreement dated March 3, 2000, amended March 9,
2000, March 23, 2000 and March 30, 2000, that extended the grace period for
the payment of its February 28, 2000 annual GECC lease payment in the amount
of $23.5 million. The principal portion of the 2001 GECC lease payment, the
Senior Secured Credit Facility and Junior Term Loans have been reclassed to
current from long term. (See Note 9.)

<PAGE>
Outstanding short-term and long-term debt consisted of:

<TABLE>
<CAPTION>
                                                            March              December
                                                          31, 2000             31, 1999
                                                         ----------            --------
<S>                                                     <C>                   <C>
Short-term debt, current maturity of long-term
  debt, and capital lease obligation:

  Senior Revolving Credit Facility                          $ 9,557
  Senior Term Facility                                       48,214             $ 7,144
  Junior Term Facility                                       35,000
  Current maturity of Viskase Capital Lease Obligation       30,238              14,377
  Current maturity of Viskase Limited Term Loan (3.2%)          722                 753
  Other                                                       1,026                 821
                                                         ----------            --------
          Total short-term debt                            $124,757             $23,095
                                                         ==========            ========
Long-term debt:

  Senior Revolving Credit Facility                                              $ 8,551
  Senior Term Facility                                                           42,856
  Junior Term Facility                                                           35,000
  10.25% Senior Notes due 2001                             $219,262             219,262
  Viskase Capital Lease Obligation                           81,605              97,466
  Other                                                         477               1,016
                                                         ----------            --------
          Total long-term debt                             $301,344            $404,151
                                                         ==========            ========
</TABLE>


On April 13, 2000 the Company entered into an Agreement and Amendment with
GECC that extended the payment date to June 30, 2000 and waived the
noncompliance of the Fixed Charge Coverage Ratio for the quarter ended March
31, 2000. The June 30, 2000 payment extension date was subsequently modified
to September 26, 2000 under an Agreement dated June 13, 2000.

Under the terms of the April 13, 2000 Agreement and Amendment with GECC, the
Company agreed to amend the amortization schedule of annual lease payments,
maintain a letter of credit in the amount of $23.5 million at all times,
limit additional borrowings and provide a subordinated security interest
collateralized by the Collateral Pool. Holders of the Senior Secured Credit
Facility and the Junior Term Loans consented to the payment extensions and
the subordinated security interest granted to GECC. The revised amortization
schedule is presented below. The required $47.0 million payment, per the
amended amortization schedule, which was due no later than September 26,
2000, was made on August 31, 2000.

         August 31, 2000                  $46,998
         November 1, 2001                  11,750
         February 28, 2002                 11,749
         February 28, 2003                 23,499
         February 28, 2004                 23,499
         February 28, 2005                 23,499


The Company's Senior Secured Credit Facility and Junior Term Loans contain a
number of financial covenants that, among other things, require the
maintenance of a minimum level of tangible net worth, a minimum fixed charge
coverage ratio and a minimum leverage ratio of total liabilities to EBDIAT,
and a limitation on capital expenditures.

As of March 31, 2000, the Company is in compliance with the covenants under
the Company's Senior Secured Credit Facility and Junior Term Loans.

As of June 30, 2000, the Company received an amendment and waiver under the
Company's Senior Secured Credit Facility and Junior Term Loans. The Company
determined that, as of June 30, 2000, without the amendment and waiver, it
would not have been in compliance with the tangible net worth and leverage
ratio covenants.

The Company's 10.25% Notes, of which $219.3 million principal amount is
outstanding, will mature in December 2001. The Company anticipates it will
refinance the 10.25% Notes or seek alternative strategies including, but not
limited to, using proceeds from asset sales, litigation, if any, or selling
additional equity capital.

3.  CONTINGENCIES
In late 1993, Viskase commenced a legal action against American National Can
Company (ANC) in Federal District Court for the Northern District of
Illinois, Eastern Division, 93C7651. Viskase claimed that ANC's use of two
different very low density polyethylene plastic resins in the manufacture of
ANC's multi-layer barrier shrink film products was infringing various Viskase
patents relating to multi-layer barrier plastic films used for fresh red
meat, processed meat and poultry product applications. In November 1996,
after a three-week trial, a jury found that ANC had willfully infringed
Viskase's patents and awarded Viskase $102.4 million in compensatory damages.
The Court also entered an order permanently enjoining ANC from making or
selling infringing products.

In September 1997, the Court set aside the jury verdict in part and ordered
a retrial on certain issues. The Court upheld the jury finding on the
validity of all of Viskase's patents and the jury finding that ANC had
willfully infringed Viskase's patents by ANC's use of Dow Chemical Company's
"Attane" brand polyethylene plastic resin in ANC's products. However, the
Court ordered a new trial on the issue of whether ANC's use of Dow Chemical
Company's "Affinity" brand polyethylene plastic resin infringed Viskase's
patents and whether such conduct was willful. Because the jury rendered one
general damage verdict, the Court ordered a retrial of all damage issues. By
operation of the Court's order, the injunction in respect of ANC's future use
of the "Affinity" brand resin was removed.

On August 19, 1998, the Court granted Viskase's motion for partial summary
judgment finding that ANC's use of the "Affinity" brand resin infringed
Viskase's patents. The Court also reinstated the permanent injunction.
Viskase filed a motion to have the jury verdict as to compensatory damages
reinstated. ANC filed a motion to dismiss the lawsuit claiming that Viskase's
patents are invalid and Viskase failed to join an indispensable party to the
lawsuit. On May 10, 1999, the Court granted Viskase's motion to have the jury
verdict as to the compensatory damages reinstated. In May and June 1999, the
parties briefed the issue of enhanced damages and on July 2, 1999, the Court
awarded Viskase total damages of $164.9 million. ANC filed a motion for
reconsideration which was denied.

On May 3, 1999, ANC commenced legal action in the Federal District Court for
the Northern District of Illinois seeking declaratory relief that one of the
litigated patents is invalid. ANC also filed a motion to consolidate the
declaratory action with the 1993 suit. ANC's motion to consolidate was
granted and then the Court dismissed ANC's suit with prejudice at the same
time the Court awarded Viskase total damages of $164.9 million.

ANC has filed a notice of appeal to the United States Court of Appeals for
the Federal Circuit. Oral arguments before the United States Circuit of
Appeals for the Federal Circuit were held on June 6, 2000 and Viskase expects
a decision during fourth quarter of 2000 or first quarter of 2001.

In addition, ANC has challenged two of the five Viskase patents in suit by
filing requests for reexamination with the United States Patent and Trademark
office (USPTO).  Both patents under reexamination have been rejected by the
USPTO.  In both cases, Viskase has filed appeals to the Board of Patent
Appeals and Interferences of the USPTO.  For the first patent, Viskase's
brief was filed July 13, 2000, and the Examiner's Answer is awaited.  For the
second patent, Viskase's brief is due October 23, 2000.

On January 14, 2000, Pechiney Plastic Packaging, Inc. and Pechiney Emballage
Flexible Europe, Inc. (successors in interest in ANC) filed suit against the
Company and Viskase in the United States District Court for the Northern
District of Illinois, Eastern Division.  This suit alleges infringement of
U.S. Reissue Patent No. 35,567, which patent is set to expire on April 26,
2002, and further alleges patent interference with one of the five Viskase
patents litigated in Viskase's legal action against ANC.  In May 2000, the
District Court dismissed the patent interference count.  Pechiney filed an
Amended Complaint on June 30, 2000 seeking to reinstate the dismissed count
(Count III).  On July 25, 2000, Viskase filed a Motion to Dismiss Count III
of the Amended Complaint and also filed a Motion for Sanctions related
thereto.  On August 9, 2000, Viskase filed a Supplemental Motion for
Sanctions. On August 24, 2000, Pechiney responded to these motions and
Viskase filed its reply on September 14, 2000.  Rulings on these motions are
presently set for October 13, 2000.  Viskase's Answer to the Amended
Complaint is presently due October 23, 2000.

No part of the pending claims has been recorded in the Company's financial
statements. Through March 31, 2000, $5.1 million in patent defense costs had
been accrued and capitalized.

In March 1997, Viskase received a subpoena from the Antitrust Division of the
United States Department of Justice relating to a grand jury investigation of
the sausage casings industry. In September 1999, Viskase Corporation received
a subpoena from the Antitrust Division of the United States Department of
Justice relating to the expansion of the grand jury investigation into the
specialty films industry. Viskase is cooperating fully with the
investigations.

In November 1999, the Company and certain of its subsidiaries and one other
sausage casings manufacturer were named in a civil complaint, Leon's Sausage
                                                              --------------
Company, on behalf of itself and all others similarly situated v. Viskase
-------------------------------------------------------------------------
Companies, Inc., Envirodyne Industries, Inc., Viskase Corporation, Devro-
-------------------------------------------------------------------------
Teepak, Inc., Civil Action No. 99C7200, United States District Court for the
------------
Northern District of Illinois, Eastern Division. This complaint alleged that
the defendants unlawfully conspired to fix prices and allocate business in
the sausage casings industry.  In December 1999, the plaintiff in this action
voluntarily dismissed the complaint without prejudice.
In late 1999 and early 2000, the Company and certain of its subsidiaries and
one other sausage manufacturer were named in ten virtually identical civil
complaints filed in the District of New Jersey by the following plaintiffs:
Smith Provision Co., Inc.; Parks LLC (d/b/a Parks Sausage Company); Real
Kosher Sausage Company, Inc.; Sahlen Packing Co., Inc.; Marathon Enterprises,
Inc.; Ventures East, Inc.; Keniston's, Inc.; Smithfield Foods, Inc.;
Clougherty Packing Co.; and Klement Sausage Co.  The District Circuit ordered
all of these cases consolidated in the District of New Jersey.  Civil Action
No. 99-5195-MLC (D.N.J.). Each complaint brought on behalf of a purported
class of sausage casings customers alleges that the defendants unlawfully
conspired to fix prices and allocate business in the sausage casings
industry.  The Company and its subsidiaries have filed answers to each of
these complaints denying liability.

The Company and its subsidiaries are involved in various legal proceedings
arising out of their business and other environmental matters, none of which
is expected to have a material adverse effect upon results of operations,
cash flows or financial position.

4.  UNUSUAL CHARGE (dollars in millions)

During the third quarter of 1998, due to the business conditions leading to
the Viskase plan of restructuring, the Company evaluated the recoverability
of long-lived assets including property, plant and equipment, patents and
excess reorganization on a consolidated basis. Based upon the analysis, the
Company recognized an impairment because the estimated consolidated
undiscounted future cash flows derived from long-lived assets were determined
to be less than their carrying value. The amount of the impairment was
calculated using the present value of the Company's estimated future net cash
flows to determine the assets' fair value. Based on this analysis, an
impairment charge of $91.2 million for excess reorganization and $4.3 million
for the write-down of the Chicago facility was taken. In addition, the
Viskase plan of restructuring included charges for the decommissioning of the
Chicago plant and the decommissioning of some of its foreign operations.

In the first quarter of 2000, cash payments against the reserve were $.4
million; total payments through March 31, 2000 were $9.6 million. A remaining
restructuring reserve of $1.9 million is included in accrued liabilities on
the balance sheet.

5.  DISCONTINUED OPERATIONS (dollars in thousands)

On January 17, 2000, the Company's Board of Directors announced its intent to
sell the plastic barrier and non-barrier shrink film business. The business
being sold includes production facilities in the United States, United
Kingdom, and Brazil. The sale of the films business was completed on August
31, 2000. The aggregate purchase price of $245 million will be used
principally to retire debt, including the Senior Secured Credit Facility and
Junior Term Loans, pay GECC $47.0 million per the amended amortization
schedule, and for general corporate purposes. The Company expects an
approximate net gain on the sale in the amount of $52 million. The gain will
be recorded in the third quarter 2000 results. In conjunction with the sale
of the films business, the Company will shut down its oriented polypropylene
(OPP) films business located in Newton Aycliffe, England and the films
operation in Canada; the costs of this are included in the business
discontinuance.  (See Note 9.)

Operating results from discontinued operations are as follows:

                                            Three Months     Three Months
                                           Ended March 31,  Ended March 31,
                                               2000               1999
                                           --------------   --------------
Net sales                                    $38,850             $36,931

Costs and expenses
  Cost of sales                               28,796              28,889
  Selling, general and administrative          7,199               7,992
  Amortization of intangibles                    750                 750

Operating income                               2,105                (700)

  Interest income
  Interest expense                                27                  43
  Other expense, net                             394               1,075
                                            --------             -------
Income (loss) from discontinued operations
  before taxes                                 1,684              (1,818)
  Income tax provision                           453               1,553
                                            --------             -------
Net income (loss) from
  discontinued operations                   $  1,231             $(3,371)
                                            ========             =======

The net assets of the films segment included in the accompanying Balance
Sheets as of March 31, 2000 and December 31, 1999 consisted of the following:

                                       March 31, 2000    December 31, 1999
                                       --------------    -----------------
Accounts receivable, net                  $ 18,555            $ 19,537
Inventories                                 34,066              33,965
Other current assets                         4,640               4,156
                                          --------            --------
Total current assets                        57,261              57,658

Property, plant and equipment, net         107,246             110,657
Long-term assets                            11,940              12,459
                                          --------            --------
Total assets                               176,447             180,774

Accounts payable and other
  current liabilities                       25,573              28,396
Short-term debt                                983               1,016
                                          --------            --------
Total current liabilities                   26,556              29,412

Long-term debt and lease obligations           386                 465
Deferred and noncurrent income taxes         5,375               5,762
                                          --------            --------
Total liabilities                           32,317              35,639

Net assets                                $144,130            $145,135
                                          ========            ========
6.  COMPREHENSIVE INCOME (dollars in thousands)

The following sets forth the components of other comprehensive (loss) and the
related income tax (benefit):
                                             Three Months    Three Months
                                           Ended March 31,  Ended March 31,
                                                 2000            1999

Foreign currency translation adjustment (1)     $(1,305)        $(995)

(1)  Net of related tax (benefit) of $(835) and $(636) for the first quarter
     ended 2000 and 1999, respectively.


7.  EARNINGS PER SHARE

Following are the reconciliations of the numerators and denominators of the
basic and diluted EPS.

                                        Three Months      Three Months
                                       Ended March 31,   Ended March 31,
                                            2000              1999
                                       --------------    --------------
                                           (in thousands, except for
                                       weighted average shares outstanding)

NUMERATOR:

Net (loss) available
   to common stockholders:

  From continuing operations:             $(10,127)         $ (7,965)

  Discontinued operations:
  (Loss) from discontinued operations        1,231            (3,371)
                                          --------          --------
Net loss available to common stockholders
  for basic and diluted EPS               $ (8,896)         $(11,336)
                                          ========          ========
DENOMINATOR:

Weighted average shares outstanding
  for basic EPS                         15,085,642        14,867,057

Effect of dilutive securities                    0                 0
                                        ----------        ----------
Weighted average shares outstanding
  for diluted EPS                       15,085,642        14,867,057
                                        ==========        ==========

Common stock equivalents are excluded from the loss-per-share calculations as
the result is antidilutive since the numerator is a loss from continuing
operations.


8.  ACCOUNTING STANDARDS

The Company will adopt the provisions of Statement of Financial Accounting
Standards No. 137, "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Statement No. 133" (SFAS
No. 137). SFAS No. 137 is effective for the Company's 2001 financial
statements.

9.  SUBSEQUENT EVENTS

There were no Y2K issues materially affecting the business.

On January 17, 2000, the Company's Board of Directors announced its intent to
sell the plastic barrier and non-barrier shrink film business. The business
being sold includes production facilities in the United States, United
Kingdom, and Brazil. The sale of the films business was completed on August
31, 2000. The aggregate purchase price of $245 million will be used
principally to retire debt, including the Senior Secured Credit Facility and
Junior Term Loans, pay GECC $47.0 million per the amended amortization
schedule, and for general corporate purposes. The Company expects an
approximate net gain on the sale in the amount of $52 million. The gain will
be recorded in the third quarter 2000 results. In conjunction with the sale
of the films business, the Company will shut down its oriented polypropylene
(OPP) films business located in Newton Aycliffe, England and the films
operation in Canada; the costs of this are included in the business
discontinuance.

On April 13, 2000 the Company entered into an Agreement and Amendment with
GECC that extended the payment date to June 30, 2000 and waived the
noncompliance of the Fixed Charge Coverage Ratio for the quarter ended March
31, 2000. The June 30, 2000 payment extension date was subsequently modified
to September 26, 2000 under an Agreement dated June 13, 2000.

Under the terms of the April 13, 2000 Agreement and Amendment with GECC, the
Company agreed to amend the amortization schedule of annual lease payments,
maintain a letter of credit in the amount of $23.5 million at all times,
limit additional borrowings and provide a subordinated security interest
collateralized by the Collateral Pool. Holders of the Senior Secured Credit
Facility and the Junior Term Loans consented to the payment extensions and
the subordinated security interest granted to GECC. The revised amortization
schedule is presented below. The required $47.0 million payment, per the
amended amortization schedule, which was due no later than September 26,
2000, was made on August 31, 2000.

     August 31, 2000                $46,998
     November 1, 2001                11,750
     February 28, 2002               11,749
     February 28, 2003               23,499
     February 28, 2004               23,499
     February 28, 2005               23,499



<PAGE>
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          ---------------------------------------------------------------
          RESULTS OF OPERATIONS
          ---------------------

The accompanying management's discussion and analysis of financial condition
and results of operations should be read in conjunction with the following
table:

                                             Three    Months    Ended
                                            ---------------------------
                                            March 31,        March 31,
                                              2000             1999
                                            ---------        ---------
                                                  (in thousands)
Net sales:
  Casings - continuing operations            $51,770          $55,136
  Films - discontinued operations             38,850           36,931
                                             -------          -------
                                             $90,620          $92,067
                                             =======          =======
Operating income:
  Casings - continuing operations             $1,379           $1,858
  Films - discontinued operations              2,105             (700)
                                              ------           ------
                                              $3,484           $1,158
                                              ======           ======

                                             March 31,      December 31,
                                               2000             1999
                                            ---------       ------------
                                                  (in thousands)
Identifiable assets:
  Casings - continuing operations            $304,935         $313,044
  Films - discontinued operations             176,447          180,774
                                             --------         --------
                                             $481,382         $493,818
                                             ========         ========
Results of Operations
---------------------
The Company's net sales from continuing operations for the first quarter of
2000 were $51.8 million, which represented a decrease of 6.1% from the
comparable period of 1999. The decline in net sales reflects the continuing
effect of competitive selling prices in the worldwide casings industry.
European sales were negatively affected by foreign currency translation due
to the strengthening of the U.S. dollar.

Operating income from continuing operations for the first quarter of 2000 was
$1.4 million representing a decrease of 25.8% from the comparable period of
1999. The decrease in operating income resulted primarily from declines in
sales and gross margins caused by continued price competition in the
worldwide casings industry.

Net interest expense from continuing operations for the three month period
totaled $12.1 million representing an increase of $1.9 million from the first
three months of 1999. The increase is primarily due to an increase in
deferred fees amortization and interest cost due to the refinancing in June
1999.

Other expense from continuing operations of approximately $.1 million and
$2.0 million for the first three months of 2000 and 1999, respectively,
consists principally of foreign exchange losses.

The Company uses foreign exchange forward contracts to hedge some of its non-
functional currency receivables and payables which are denominated in major
currencies that can be traded on open markets. This strategy is used to
reduce the overall exposure to the effects of currency fluctuations on cash
flows. The Company's policy is not to speculate in financial instruments.

Receivables and payables which are denominated in non-functional currencies
are translated to the functional currency at month end and the resulting gain
or loss is taken to other income/expense on the income statement. Gains and
losses on hedges of receivables and payables are marked to market. The result
is recognized in other net expense on the income statement.

The tax benefit for the first three months of 2000 resulted from the benefit
of US losses partially offset by the provision related to income from foreign
subsidiaries. Due to the permanent differences in the US resulting from
foreign losses for which no tax benefit is provided, a benefit of $.7 million
was provided on a loss from continuing operations of $10.8 million. The US
tax benefit is recorded as a reduction of the deferred tax liability and does
not result in a refund of income taxes.


Discontinued operations
-----------------------

On January 17, 2000, the Company's Board of Directors announced its intent to
sell the plastic barrier and non-barrier shrink film business. The business
being sold includes production facilities in the United States, United
Kingdom, and Brazil. The sale of the films business was completed on August
31, 2000. The aggregate purchase price of $245 million will be used
principally to retire debt, including the Senior Secured Credit Facility and
Junior Term Loans, pay GECC $47.0 million per the amended amortization
schedule, and for general corporate purposes. The Company expects an
approximate net gain on the sale in the amount of $52 million. The gain will
be recorded in the third quarter 2000 results. In conjunction with the sale
of the films business, the Company will shut down its oriented polypropylene
(OPP) films business located in Newton Aycliffe, England and the films
operation in Canada; the costs of this are included in the business
discontinuance.

Other
-----
The Company will adopt the provisions of Statement of Financial Accounting
Standards No. 137, "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Statement No. 133" (SFAS
No. 137). SFAS No. 137 is effective for the Company's 2001 financial
statements.

Liquidity and Capital Resources
-------------------------------
Cash and equivalents decreased by $.02 million during the three months ended
March 31, 2000. Cash flows provided by operating activities of $4.5 million
were used in financing activities of $1.3 million and investing activities of
$3.2 million. Cash flows provided by operating activities were principally
attributable to the Company's loss from operations offset by a decrease in
working capital usage and the effect of depreciation and amortization. Cash
flows used in financing activities were principally due to repayments of the
revolving loan and long-term borrowings partially offset by proceeds from the
revolver. Cash flows used in investing activities consist principally of
capital expenditures for property, plant and equipment.

During June 1999, Viskase Corporation and Viskase Sales Corporation entered
into two-year secured credit agreements consisting of a $50 million senior
revolving credit facility, including a $26 million sublimit for issuance of
letters of credit (Senior Revolving Credit Facility), a $50 million senior
term facility (Senior Term Facility), collectively the "Senior Secured Credit
Facility," and $35 million of junior secured term loans (Junior Term Loans).
The proceeds of the Senior Secured Credit Facility and the Junior Term Loans
were used to repay the $55 million Senior Secured Notes outstanding and
obligations outstanding under the Company's existing Revolving Credit
Facility. The Senior Secured Credit Facility has a maturity date of June 30,
2001.

The Company finances its working capital needs through a combination of
internally generated cash from operations and borrowings under its $50
million Senior Revolving Credit Facility entered into in June 1999. The
availability of funds under the Senior Revolving Credit Facility is subject
to the Company's compliance with certain covenants, borrowing base limita-
tions measured by accounts receivable and inventory of the Company and
reserves that may be established at the discretion of the lenders. There is
approximately $9.6 million outstanding under the Senior Revolving Credit
Facility at March 31, 2000.

The Company's Senior Secured Credit Facility contains a number of financial
covenants that, among other things, require the maintenance of a minimum
level of tangible net worth, a minimum fixed charge coverage ratio and
minimum leverage ratio of total liabilities to EBDIAT and a limitation on
capital expenditures.  Currently, the Company is in compliance with the
covenants under the Company's Senior Secured Credit Facility and Junior Term
Loans.

As of June 30, 2000, the Company received an amendment and waiver under the
Company's Senior Secured Credit Facility and Junior Term Loans. The Company
determined that, as of June 30, 2000, without the amendment and waiver, it
would not have been in compliance with the tangible net worth and leverage
ratio covenants.

The Company entered into an Agreement dated March 3, 2000, amended March 9,
2000, March 23, 2000 and March 30, 2000, that extended the grace period for
the payment of its February 28, 2000 annual GECC lease payment in the amount
of $23.5 million. (See Note 9.)

The Company anticipates that its current cash position, its operating cash
flows, the availability under its credit agreement and proceeds from asset
sales will be sufficient to meet its operating expenses and current debt
service requirements. The Company's 10.25% Notes, of which $219.3 million
principal amount is outstanding, will mature in December 2001. The Company
anticipates it will refinance the 10.25% Notes or seek alternative strategies
including, but not limited to, using proceeds from asset sales, litigation,
if any, or selling additional equity capital.

Capital expenditures for continuing operations for the first three months of
2000 and 1999 totaled $2.4 million and $4.2 million, respectively. Capital
expenditures for discontinued operations for the first three months of 2000
totaled $.9 million. Significant 2000 and 1999 capital expenditures for
continuing operations included a new information technology system at Viskase
and costs associated with the Nucel(R) project. Capital expenditures for
discontinued operations included additional production capacity for specialty
films. Capital expenditures for continuing operations for 2000 are expected
to be approximately $7.5 million. Capital expenditures for continuing
operations for 2001 are expected to be $6.0 million.

The Company has spent approximately $8 million annually on research and
development programs, including product and process development, and on new
technology development during each of the past three years. The 2000 research
and development and product introduction expenses are expected to be in the
$9 million range. Among the projects included in the current research and
development efforts is the application of certain patents and technology
licensed by Viskase to the manufacture of cellulosic casings under the
Nucel(R) process. The commercialization of these applications and the related
fixed asset expense associated with such commercialization may require
substantial financial commitments in future periods.

Forward-looking Statements
--------------------------
Forward-looking statements in this report 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; competitive pricing pressures for the Company's
products; changes in other costs; and 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.


ITEM 7a.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
          ----------------------------------------------------------
The Company is exposed to certain market risks related to foreign currency
exchange rates. In order to manage the risk associated with this exposure to
such fluctuations, the Company uses derivative financial instruments. The
Company does not enter into derivatives for trading purposes.

The Company also prepared sensitivity analyses to determine the impact of a
hypothetical 10% devaluation of the U.S. dollar relative to the European
receivables and payables denominated in U.S. dollars. Based on its
sensitivity analyses at March 31, 2000, a 10% devaluation of the U.S. dollar
would affect the Company's annual consolidated operating results, financial
position and cash flows by approximately $0.3 million. The Company uses
foreign exchange forward contracts to manage the risk associated with its
exposure to foreign currency exchange rate fluctuations. At March 31, 2000,
there were no foreign exchange forward contracts outstanding.

                     PART II. OTHER INFORMATION

Item 1 - Legal Proceedings
         -----------------
For a description of pending litigation and other contingencies, see Part 1,
Note 3, Contingencies in Notes to Consolidated Financial Statements for
Viskase Companies, Inc. and Subsidiaries.

Item 2 - Changes in Securities
         ---------------------
No reportable events occurred during the quarter ended March 31, 1999.

Item 3 - Defaults Upon Senior Securities
         -------------------------------
None.

Item 4 - Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------
None.

Item 5 - Other Information
         -----------------
None.

Item 6 - Exhibits and Reports on Form 8-K

(a)      Exhibits

 10.35   Agreement dated as of March 3, 2000, between Viskase
         Corporation and State Street Bank and Trust Company relating to
         the Lease Agreement dated as of December 18, 1990, among
         Viskase Corporation (the Lessee), and State Street Bank and
         Trust Company (the Lessor), as successor trustee to Fleet
         National Bank formerly known as Shawmut Bank Connecticut,
         National Association, formerly known as The Connecticut
         National Bank as Owner Trustee under the Trust Agreement.

 10.36   Extension executed March 9, 2000 of Agreement dated as of March
         3, 2000, between Viskase Corporation and State Street Bank and
         Trust Company relating to the Lease Agreement dated as of
         December 18, 1990, among Viskase Corporation (the Lessee) and
         State Street Bank and Trust Company (the Lessor), as successor
         trustee to Fleet National Bank formerly known as Shawmut Bank
         Connecticut, National Association, formerly known as The
         Connecticut National Bank as Owner Trustee under the Trust
         Agreement.

 10.37   Extension executed March 23, 2000 of Agreement dated as of
         March 3, 2000, between Viskase Corporation and State Street
         Bank and Trust Company relating to the Lease Agreement dated as
         of December 18, 1990, among Viskase Corporation (the Lessee)
         and State Street Bank and Trust Company (the Lessor), as
         successor trustee to Fleet National Bank formerly known as
         Shawmut Bank Connecticut, National Association, formerly known
         as The Connecticut National Bank as Owner Trustee under the
         Trust Agreement.

 10.38   Extension executed March 30, 2000 of Agreement dated as of
         March 3, 2000, between Viskase Corporation and State Street
         Bank and Trust Company relating to the Lease Agreement dated as
         of December 18, 1990, among Viskase Corporation (the Lessee)
         and State Street Bank and Trust Company (the Lessor), as
         successor trustee to Fleet National Bank formerly known as
         Shawmut Bank Connecticut, National Association, formerly known
         as The Connecticut National Bank as Owner Trustee under the
         Trust Agreement.

 27     Financial Data Schedules.

(b)     Reports on Form 8-K

        (1)  On January 17, 2000, Viskase Companies, Inc. announced its
             intent to sell its plastic barrier and non-barrier shrink
             film business.

        (2)  On February 23, 2000, Viskase Companies, Inc. announced
             that the Company participated in a Nasdaq Stock Market,
             Inc. (NASDAQ) hearing with respect to the continued listing
             of the Company's common stock on the Nasdaq SmallCap
             Market. On February 22, 2000, the Company was notified by
             Nasdaq that, effective as of the close of business on
             February 22, 2000, the Company's common stock would be
             delisted from the Nasdaq SmallCap Market.


                            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
                                      Vice President, Chief
                                      Financial Officer and
                                      Treasurer
                                      (Duly authorized officer
                                       and principal financial
                                       officer of the registrant)

Date:  September 22, 2000