SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report January 7, 2008
Commission File No. 0-8190
WILLIAMS INDUSTRIES, INCORPORATED
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(Exact name of registrant as specified in its
charter)
Virginia 54-0899518
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(State or other jurisdiction of (I.R.S. Employer
Identification
incorporation or organization) Number)
8624 J.D. Reading Drive 20109
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(Address of Principal Executive (Zip Code)
Offices)
P.O. Box 1770 20108
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(Mailing Address of Principal (Zip Code)
Executive Offices)
(703) 335-7800
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(Registrant's telephone Number, including area code)
Item 1.01
Effective December 31, 2007, the Company entered into an
agreement extending the maturity of its debt to United Bank to
August 1, 2008. On January 7, 2008, the Company made a $500,000
principal payment to the bank, who agreed to release company
subsidiary Piedmont Metal Products, Inc., from the bank's
mortgage and security interests. Pursuant to the agreement, the
remaining debt of approximately $2.4 million is now due August
1, 2008, but the bank agreed that if the Company makes an
additional principal payment of $500,000, the Bank will release
all collateral other than real property, and extend the
remaining debt through August 1, 2011, with periodic payments of
principal as well as monthly interest payments due. Conditions
to the subsequent extension are an appraisal of at least 300% of
the remaining balance and the deposit and pledge of a $100,000
certificate of deposit.
Also, the Company reached agreement with Frank E. Williams, Jr.
and the Williams Family LP ("WFLP") to extend the company debts
to Mr. Williams and the WFLP, which had been due September 30,
2007, one year to September 30, 2008, provided that the Company
grant a second mortgage to Mr. Williams and the Williams Family
LP to secure the Company's indebtedness to them. In its Form
10-Q for the quarter ended October 31, 2007, the Company
reported these debts as aggregating approximately $4.3 million,
and subsequent to that report the Company has borrowed an
additional $125,000 from Mr. Williams. The Bank has consented
to the Williams' taking a subordinate secured position, and the
Company expects to complete the requisite filings in due course.
This disclosure remains conditioned upon the information
contained in the Company's Form 10-K for the fiscal year ended
July 31, 2007, and Form 10-Q for the quarter ended October 31,
2007, including without limitation the risk factors and safe
harbor notice.
Item 9.01
Exhibit 99: See attached Fifth Amendment to Forbearance
Agreement dated December 31, 2007.
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 hereunto duly authorized.
Williams Industries, Incorporated
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Registrant
Date: January 7, 2008
/s/ FRANK E. WILLIAMS, III
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Frank E. Williams, III,
President