After upgrading to latest OpenVZ kernel CentOS server won't boot. When i try go boot the latest kernel server is stuck at this point: (note that images are taken from virtual kvm)

http://i.stack.imgur.com/4lusz.jpg

Then i try to start the server on some old kernels and than i get this error message:

kernel panic - not syncing - attempted to kill init

better shown on this image: http://i.stack.imgur.com/2SReF.jpg

Here is some useful information

fdisk -l

WARNING: GPT (GUID Partition Table) detected on '/dev/sda'! The util fdisk doesn't support GPT. Use GNU Parted.


Disk /dev/sda: 2995.7 GB, 2995739688960 bytes
255 heads, 63 sectors/track, 364211 cylinders
Units = cylinders of 16065 * 512 = 8225280 bytes
Sector size (logical/physical): 512 bytes / 512 bytes
I/O size (minimum/optimal): 512 bytes / 512 bytes
Disk identifier: 0x0004c4e4

   Device Boot      Start         End      Blocks   Id  System
/dev/sda1               1         523     4199044+  82  Linux swap / Solaris
/dev/sda2             524         785     2104515   83  Linux
/dev/sda3             786      261869  2097157230   83  Linux
/dev/sda4          261870      364211   822062115   83  Linux

/etc/fstab

proc /proc proc defaults 0 0
none /dev/pts devpts gid=5,mode=620 0 0
/dev/sda1 none swap sw 0 0
/dev/sda2 /boot ext3 defaults 0 0
/dev/sda3 / ext3 defaults 0 0
/dev/sda4 /home ext3 defaults 0 0

and grub config file:

title OpenVZ (2.6.18-274.18.1.el5.028stab098.1)
root (hd0,1)
kernel /vmlinuz-2.6.18-274.18.1.el5.028stab098.1 ro root=/dev/sda3 vga=0x317 selinux=0
initrd /initrd-2.6.18-274.18.1.el5.028stab098.1.img

title OpenVZ (2.6.18-274.7.1.el5.028stab095.1)
root (hd0,1)
kernel /vmlinuz-2.6.18-274.7.1.el5.028stab095.1 ro root=/dev/sda3 vga=0x317 selinux=0
initrd /initrd-2.6.18-274.7.1.el5.028stab095.1.img

title OpenVZ (2.6.18-194.8.1.el5.028stab070.4)
root (hd0,1)
kernel /vmlinuz-2.6.18-194.8.1.el5.028stab070.4 ro root=/dev/sda3 vga=0x317
initrd /initrd-2.6.18-194.8.1.el5.028stab070.4.img

Any help is greatly appreciated Thanks.