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, 2001
                                        ---------------------


[ ]  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, 2001, there were 15,308,530 shares outstanding of the
registrant's Common Stock, $.01 par value.









<PAGE>
                        VISKASE COMPANIES, INC. AND SUBSIDIARIES
                          CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (unaudited)
<TABLE>
<CAPTION>
                                                Three Months Ended   Three Months Ended
                                                ------------------   ------------------
                                                  March 31, 2001       March 31, 2000
                                                -----------------    ------------------
                                  (in thousands, except for number of shares and per share amounts)
<S>                                               <C>                  <C>
NET SALES                                              $48,040              $51,770

COSTS AND EXPENSES
  Cost of sales                                         39,282               38,705
  Selling, general and administrative                   10,921               11,186
  Amortization of intangibles                              500                  500
                                                       -------              -------

OPERATING INCOME (LOSS)                                 (2,663)               1,379

  Interest income                                          904                   53
  Interest expense                                       6,500               12,159
  Other expense, net                                     1,085                  113
                                                       -------              -------

(LOSS) FROM CONTINUING OPERATIONS
  BEFORE INCOME TAXES                                   (9,344)             (10,840)

  Income tax (benefit)                                  (3,374)                (713)
                                                       -------              -------

NET (LOSS) FROM CONTINUING OPERATIONS                   (5,970)             (10,127)

DISCONTINUED OPERATIONS:
  Income from operations
   net of income taxes (Note 6)                                               1,231
                                                       -------              -------

NET (LOSS) BEFORE EXTRAODINARY ITEM                     (5,970)              (8,896)
  Extraordinary gain on early extinguishment
   of debt, net of income tax provision of $3,152        4,930
                                                       -------              -------

NET (LOSS)                                              (1,040)              (8,896)

Other comprehensive (loss), net of tax:
  Foreign currency translation adjustments                (623)              (1,305)
                                                       -------              -------

COMPREHENSIVE (LOSS)                                   $(1,663)            $(10,201)
                                                       =======             ========

WEIGHTED AVERAGE COMMON SHARES
  - BASIC AND DILUTED                               15,298,498           15,085,642
                                                    ==========           ==========

PER SHARE AMOUNTS:

EARNINGS (LOSS) PER SHARE
  - basic and diluted
   Continuing operations                                $(.39)               $(.67)

   Discontinued operations:
    Income from operations                                                     .08
                                                      -------              -------

   Net (loss) before extraordinary item                  (.39)                (.59)
    Extraordinary gain                                    .32
                                                      -------              -------

NET (LOSS)                                              $(.07)               $(.59)
                                                      =======              =======
<FN>


The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>




                                        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:  May 21, 2001