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 August 6, 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
incorporation or organization) Identification 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
The Company is operating under a Forbearance Agreement with
its major lender, United Bank, pursuant to which approximately
$1.9 million was outstanding at July 31, 2008 and was scheduled to
be repaid by August 1, 2008. The Bank had previously agreed to
"term out" the remaining balance provided an appraisal establishes
that the value of the Company's real property in Prince William
County, Virginia, has a value of at least 300% of the balance remaining
due. The appraisal has been conducted but was not issued by 8/1/08,
so the Company requested the Bank to extend the agreement to allow the
parties orderly to complete the documentation of the expected "term out."
The Bank has agreed to a one month extension, and the Company has
entered into a "Sixth Amendment to Forbearance Agreement" extending
the maturity of the debt to September 1, 2008, without any other
change to the terms and conditions previously recited and agreed to.
This disclosure remains conditioned upon the information
contained in the Company's Form 10-K for the fiscal year ended
July 31, 2007, Forms 10-Q for the quarter ended October 31,
2007, January 31, 2008, and April 30, 2008, and Schedule 13E3 as
amended on July 3, 2008, including without limitation the risk
factors and "safe harbor" notices contained therein.
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: August 6, 2008
/s/ FRANK E. WILLIAMS, III
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Frank E. Williams, III,
President