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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 21, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (date of Earliest Event Reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TELETOUCH COMMUNICATIONS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Company as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DELAWARE</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">001-13436</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">75-2556090</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or Other Jurisdiction of<BR>
Incorporation or Organization)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File No.)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer<BR>
Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>5718 Airport Freeway, Fort Worth, Texas 76117</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Address of principal executive
offices and zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(800) 232-3888</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Company&rsquo;s telephone
number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed from
last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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
(see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 2 &ndash; Financial
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 2.04</B></TD><TD STYLE="text-align: left"><B>Triggering Events That Accelerate or Increase
a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">On February 21, 2012,
Thermo Credit, LLC, a Colorado limited liability company (&ldquo;Thermo&rdquo;), in connection with its current $12 million revolving
credit facility having a maturity date in January 2013 (pursuant to that certain Loan and Security Agreement dated as of April
30, 2008, as amended to date (the &ldquo;Agreement&rdquo;), and a related promissory note also dated as of April 30, 2008, as amended
to date) by and among Thermo, Teletouch Communications, Inc. (&ldquo;TLL&rdquo;), Teletouch Licenses, Inc. (&ldquo;TLI&rdquo;)
and Progressive Concepts, Inc. (&ldquo;PCI&rdquo;), and all of TLL, PCI, and TLI, collectively the &ldquo;Company&rdquo;), notified
the Company of its intent to significantly modify, revalue, adjust and change the Company&rsquo;s borrowing base, pursuant to Section
2(e) of the Loan Agreement, to now exclude certain classes of assets in their entirety from the borrowing base (&ldquo;Borrowing
Base&rdquo;) under the Agreement, even though these assets had been previously accepted by Thermo and have been included in the
Borrowing Base for several years, and in some instances, since the loan was originated. The Company has expressed to Thermo that
it disagrees with the proposed modifications to the current Borrowing Base. Thermo&rsquo;s intent to modify the Borrowing Base
is contractually subject to good faith negotiations between the parties over the next sixty (60) days regarding which items to
exclude and/or reevaluate to include in the borrowing base. As a result, the final determination between the parties as to which
assets will comprise the resulting revised Borrowing Base has not been made, and the parties will negotiate such disagreements
in good faith over the next 60-days to make the final determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">Under the terms of
the Agreement, borrowings against the credit facility are comprised of specific advance rates against the individual and aggregate
fair value of the Company&rsquo;s assets, including, among others, real estate, equipment, infrastructure assets, inventory, accounts
receivable, intangible assets and notes receivable, such assets collectively comprising the Borrowing Base. However, earlier this
year, Thermo informed the Company that it was not in compliance with its own borrowing base and facility with its own lender. As
a result, there can be no assurance that the discussions and further consultations over the next sixty (60) days will resolve any
disagreements over items to exclude or include in the revised Borrowing Base, or if they do, whether they will be concluded on
terms favorable to the Company. To the extent that Thermo and the Company cannot mutually agree on which items to include or exclude
in the revised Borrowing Base, the assets in question may be excluded at Thermo&rsquo;s sole discretion from the Borrowing Base
calculations, and a portion of the Company&rsquo;s obligations under the Agreement will be accelerated, with an additional $3.78
million becoming due and payable on April 22, 2012 (based on the Company&rsquo;s most recent Borrowing Base calculation as of January
31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, at
January 31, 2012, under the current terms of the Agreement and related Borrowing base calculation, the Company was over-advanced
by approximately $1.38 million, with a corollary obligation to pay Thermo $90,000 in remaining commitment fees related to the most
recent revisions and amendment to the Agreement. This over-advance has increased slightly from the $1.22 million reported in the
Company&rsquo;s most recent quarterly report on Form 10-Q that was filed on January 17, 2012, primarily due to a continued reduction
in the value of the cellular billing accounts receivable component of the Company&rsquo;s Borrowing Base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">As of the date hereof,
Thermo has not required that the Company repay the over-advance or the remaining commitment fee. If the Company has not repaid
the over-advance and commitment fee and the Borrowing Base calculations are revised as proposed by Thermo in its February 21, 2012,
notice letter, a total amount of approximately $5.25 million would be due and payable by the Company on April 22, 2012, based on
the Borrowing Base calculation as of January 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the above,
and as previously reported, during the fourth quarter of fiscal 2011, Thermo informed the Company that it could not advance additional
funds under the credit facility due to, among other reasons, declining accounts receivable in the Borrowing Base (primarily as
a result of the then ongoing litigation with AT&amp;T, subsequently settled), the total outstanding balance of the credit facility,
and as the Company has learned, Thermo&rsquo;s own inability to borrow additional cash from its lender(s) due to concentration
issues in its borrowing base, among other matters. Since at least the beginning of this year, both together and separately, Thermo
and Teletouch have been working to move part or all of the Company&rsquo;s current loan facility to a new financial provider(s)
and has been actively working with Thermo to re-finance with new lenders, all or part of its existing indebtedness to Thermo, as
a result of the restrictions placed on Thermo by its own lender. As of the date hereof, TLL has not secured new financing to replace
Thermo, but is in discussions with a number of potential lenders, and will publicly report any refinancing actions as they occur.
There is no assurance given that such discussions will yield any results or that even if they do, they will be concluded on the
terms favorable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">The Company has a
total of approximately $10.48 million outstanding under the credit facility Agreement with Thermo as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Section 9 &ndash; Financial
Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: February 27, 2012</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Douglas E. Sloan</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Douglas E. Sloan<BR>Title: Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
February 21, 2012
Date of Report (date of Earliest Event Reported)
TELETOUCH COMMUNICATIONS, INC.
(Exact Name of Company as Specified in its Charter)
DELAWARE
001-13436
75-2556090
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission File No.)
(I.R.S. Employer
Identification No.)
5718 Airport Freeway, Fort Worth, Texas 76117
(Address of principal executive
offices and zip code)
(800) 232-3888
(Company's telephone
number, including area code)
Not applicable
(Former name or former address, if changed from
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
(see General Instruction A.2. below):
£
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))
Section 2 – Financial
Information
Item 2.04
Triggering Events That Accelerate or Increase
a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On February 21, 2012,
Thermo Credit, LLC, a Colorado limited liability company ("Thermo"), in connection with its current $12 million revolving
credit facility having a maturity date in January 2013 (pursuant to that certain Loan and Security Agreement dated as of April
30, 2008, as amended to date (the "Agreement"), and a related promissory note also dated as of April 30, 2008, as amended
to date) by and among Thermo, Teletouch Communications, Inc. ("TLL"), Teletouch Licenses, Inc. ("TLI")
and Progressive Concepts, Inc. ("PCI"), and all of TLL, PCI, and TLI, collectively the "Company"), notified
the Company of its intent to significantly modify, revalue, adjust and change the Company's borrowing base, pursuant to Section
2(e) of the Loan Agreement, to now exclude certain classes of assets in their entirety from the borrowing base ("Borrowing
Base") under the Agreement, even though these assets had been previously accepted by Thermo and have been included in the
Borrowing Base for several years, and in some instances, since the loan was originated. The Company has expressed to Thermo that
it disagrees with the proposed modifications to the current Borrowing Base. Thermo's intent to modify the Borrowing Base
is contractually subject to good faith negotiations between the parties over the next sixty (60) days regarding which items to
exclude and/or reevaluate to include in the borrowing base. As a result, the final determination between the parties as to which
assets will comprise the resulting revised Borrowing Base has not been made, and the parties will negotiate such disagreements
in good faith over the next 60-days to make the final determination.
Under the terms of
the Agreement, borrowings against the credit facility are comprised of specific advance rates against the individual and aggregate
fair value of the Company's assets, including, among others, real estate, equipment, infrastructure assets, inventory, accounts
receivable, intangible assets and notes receivable, such assets collectively comprising the Borrowing Base. However, earlier this
year, Thermo informed the Company that it was not in compliance with its own borrowing base and facility with its own lender. As
a result, there can be no assurance that the discussions and further consultations over the next sixty (60) days will resolve any
disagreements over items to exclude or include in the revised Borrowing Base, or if they do, whether they will be concluded on
terms favorable to the Company. To the extent that Thermo and the Company cannot mutually agree on which items to include or exclude
in the revised Borrowing Base, the assets in question may be excluded at Thermo's sole discretion from the Borrowing Base
calculations, and a portion of the Company's obligations under the Agreement will be accelerated, with an additional $3.78
million becoming due and payable on April 22, 2012 (based on the Company's most recent Borrowing Base calculation as of January
31, 2012).
Additionally, at
January 31, 2012, under the current terms of the Agreement and related Borrowing base calculation, the Company was over-advanced
by approximately $1.38 million, with a corollary obligation to pay Thermo $90,000 in remaining commitment fees related to the most
recent revisions and amendment to the Agreement. This over-advance has increased slightly from the $1.22 million reported in the
Company's most recent quarterly report on Form 10-Q that was filed on January 17, 2012, primarily due to a continued reduction
in the value of the cellular billing accounts receivable component of the Company's Borrowing Base.
As of the date hereof,
Thermo has not required that the Company repay the over-advance or the remaining commitment fee. If the Company has not repaid
the over-advance and commitment fee and the Borrowing Base calculations are revised as proposed by Thermo in its February 21, 2012,
notice letter, a total amount of approximately $5.25 million would be due and payable by the Company on April 22, 2012, based on
the Borrowing Base calculation as of January 31, 2012.
Pursuant to the above,
and as previously reported, during the fourth quarter of fiscal 2011, Thermo informed the Company that it could not advance additional
funds under the credit facility due to, among other reasons, declining accounts receivable in the Borrowing Base (primarily as
a result of the then ongoing litigation with AT&T, subsequently settled), the total outstanding balance of the credit facility,
and as the Company has learned, Thermo's own inability to borrow additional cash from its lender(s) due to concentration
issues in its borrowing base, among other matters. Since at least the beginning of this year, both together and separately, Thermo
and Teletouch have been working to move part or all of the Company's current loan facility to a new financial provider(s)
and has been actively working with Thermo to re-finance with new lenders, all or part of its existing indebtedness to Thermo, as
a result of the restrictions placed on Thermo by its own lender. As of the date hereof, TLL has not secured new financing to replace
Thermo, but is in discussions with a number of potential lenders, and will publicly report any refinancing actions as they occur.
There is no assurance given that such discussions will yield any results or that even if they do, they will be concluded on the
terms favorable to the Company.
The Company has a
total of approximately $10.48 million outstanding under the credit facility Agreement with Thermo as of the date hereof.
Section 9 – Financial
Statements and Exhibits
Item 9.01.
Financial Statements and Exhibits
None.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Date: February 27, 2012
By:
/s/ Douglas E. Sloan
Name: Douglas E. Sloan
Title: Chief Financial Officer