I have the same issue with new kernel (28). Some time ago it loaded fine
with the older kernel (27) but now it doesn't load at all.
I found some solution on Ubuntu Forums but I haven't tried it yet:
http://ubuntuforums.org/showthread.php?t=993518
Hope it will be helpful.
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linux-kernel 2.6.27-
I found at least two similar bug reports on older Ubuntu releases:
https://bugs.launchpad.net/ubuntu/+source/linux-source-2.6.22/+bug/151146
https://bugs.launchpad.net/ubuntu/+source/initramfs-tools/+bug/149565
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linux-kernel 2.6.27-9 crashes at boot process
https://bugs.launchpad.net/bugs/314
