SeaWorld (SEAS) is likely to be on the path to bankruptcy. The pandemic destroyed the company’s business, as its revenues in Q2 declined by more than 90% and its net loss for the three-month period was $131 million. With a cash-to-debt ratio of 0.18x, the company’s balance sheet is overleveraged, and it’s unlikely that the reopening of parks will help SeaWorld to survive. Despite the fact that it raised liquidity earlier this year at over 8% rate, the company expects to continue to burn $20-25 million monthly until the end of the year, and there’s no guarantee that it’ll be able to return to its per-COVID-19 capacity levels in the foreseeable future. While the stock has slowly recovered from its March lows, its upside is limited. The shares will likely trade in distressed levels in the next few months, and for that reason, SeaWorld is uninvestable.