Hello. There is the same problem with a new, latest Linux
4.4.0-115-generic kernel (updated today). I've tried to boot system with
'nosplash' option (set via GRUB etc.) and it seems, that there is a
problem with:

Gave up waiting for root device. Common problems:
 - Boot args (cat /proc/cmdline)
   - Check rootdelay= (did the system wait long enough?)
   - Check root= (did the system wait for the right device?)
 - Missing modules (cat /proc/modules; ls /dev)

ALERT! UUID=* does not exist. Dropping to a shell!

BusyBox v1.22.1 (Ubuntu 1:1.22.0-15ubuntu1) built-in shell (ash)
Enter 'help' for a lost of built-in commands.

(initramfs) _

However, I've decided try to boot v4.4.0-115-generic kernel once again,
because above 'ALERT!' message was very interesting for me, but this
time, without 'kaslr' option. So, in a GRUB menu I removed this option
and press CTRL + x. Everything was okay - system boot normally.

It seems, that there is a problem with a 'kaslr' in latest 16.04 LTS
Release kernels (I'm having this problem since update to the
v4.4.0-113.136 kernel version.

Should I create a new bug report about 'kaslr' and latest kernel
versions?

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https://bugs.launchpad.net/bugs/1748710

Title:
  Linux 4.4.0-113.136 (i386/x86_32): failed to boot and BusyBox v1.22.1
  built-in shell (initramfs).

Status in linux package in Ubuntu:
  Confirmed

Bug description:
  Hello.

  On Thu Feb 8, Linux kernel for Ubuntu 16.04.3 LTS has been updated to
  the 4.4.0-113.136 version (xenial-proposed). However, after reboot,
  plymouth freezes during start, and keys on an USB keyboard were in-
  active. After several seconds, the BusyBox shell screen appeared. It
  looks this way:

  ,------
  | BusyBox v1.22.1 (Ubuntu 1:1.22.0-15ubuntu1) built-in shell (ash)
  | Enter 'help' for a list of built-in commands.
  |
  | (initramfs) _ 
  `------

  Unfortunately, the USB keyboard does not work and does not respond.
  The only way to solve this issue is a "hard reset" and in GRUB menu
  choosing an earlier kernel, which is linux 4.4.0-112.135. Now,
  everything works okay.

  Proposed update to the Linux 4.4.0-113.136 contains many new updates
  (please see 1.) It's an i386/x86_32 architecture, which does not
  contain PTI yet, right? I'm asking, because mentioned -proposed
  updates contains a couple of PTI-related patches and bugs in PTI can
  cause a few different signatures of crashes etc. For example:

  ✗ Crashes in early boot, especially around CPU bringup.  Bugs in the 
trampoline code or mappings cause these. 
  ✗ Userspace segfaults early in boot, sometimes manifesting as mount(8) 
failing to mount the rootfs.  These have tended to be TLB invalidation issues. 
Usually invalidating the wrong PCID, or otherwise missing an invalidation. 

  NOTE: if it's about PCID, which is mentioned in a second point, there
  is one patch in -proposed update: "x86/mm/32: Move
  setup_clear_cpu_cap(X86_FEATURE_PCID) earlier". Maybe that's is the
  cause of a boot failure? There are no errors in log files, such as
  '/var/log/syslog' or '/var/log/kern.log'. However, it's a Celeron, "E"
  series. So, I don't know if mentioned patches are good for this type
  of processor etc.? Especially on i386/x86_32 architecture.

  I hope, that all mitigations and fixes for "Metldown & Spectre_v1.2"
  atacks will be available for 32-bit x86 architecture. (OpenSUSE
  Developers are working on such a fixes/patches, right?) If I could
  provide some more informations, please let me know. Here are some
  technical informations:

  ● Release ('/proc/version_signature'): Ubuntu 4.4.0-112.135-generic 4.4.98
  ● Architecture: i386/x86_32
  ● PCI ('lspci -vnvn'): 00:0a.0 PCI bridge [0604]: NVIDIA Corporation MCP73 
PCI Express bridge [10de:056d] (rev a1) (prog-if 01 [Subtractive decode]) 
Capabilities: [b8] Subsystem: Gigabyte Technology Co., Ltd MCP73 PCI Express 
bridge [1458:026f] 

  Thanks, regards.
  ________________

  1. https://lists.ubuntu.com/archives/xenial-
  changes/2018-February/020108.html

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