KIEV, Sept. 25 - Ukrainian national oil and gas company Naftogaz Ukrayiny is unlikely to conclude its debt restructuring on time, according to analysts surveyed by Interfax.

The analysts also said Naftogaz's offer to replace $500 million in eurobonds maturing on Sept. 30, 2009 with state-guaranteed bonds maturing in 2014 was unlikely to satisfy creditors. The new bonds would have a coupon rate of 9.5% annually compared with 8.125% on the existing issue.