The Delaware Bankruptcy Court approved Houston-based geophysical seismic company Seitel, Inc.’s Disclosure Statement yesterday. Seitel filed a chapter 11 case last year after a change in accounting rules relating to valuation of its library of geophysical seismic resulted in a substantial writedown in the value of that library. The case was also spiced by some colorful allegations regarding the company’s former CEO, and Warren Buffet’s failed attempt to take over the company pursuant to an alternative plan that his company had proposed during the chapter 11 case. The hearing on confirmation of Seitel’s reorganization plan is scheduled for March 18th.