Thank you for your report this feature is already available in Ubuntu
you should have a file called initrd.bak. I had a similar experience
with Feisty and just replaced the initrd's and set the old kernel image
as default and everything worked.
** Changed in: initramfs-tools (Ubuntu)
Assignee: (unassigned) => davmor2
Status: Unconfirmed => Rejected
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mkinitramfs should back up old initrd.img
https://launchpad.net/bugs/51671
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