Problem is now fixed.

I actually found the solution in 
https://bugs.launchpad.net/ubuntu/+source/linux/+bug/613273
It was really the problem of /run pointing to /var/run pointing to /run ...

The only thing I had to add compared to the solution described was to
create /run/lock/lvm directory. Creating /run was not sufficient when
trying to update-grub. My system is using LVM, thus...

A big thank you to http://www.linux-azur.org/ that helped me a lot on
the issue.

Nevertheless I think there is a problem with the installer. It was the
very first time I upgraded from an LTS to an LTS, all my other machines
follow the normal cycle. I thought it would be a bit more... how to
say... polished. I never had issue upgrading from one version to another
on any machine except standard stuff like config file format changed
etc, but having a machine stuck at early stage of boot was definitely
not what I expected. So -1 to the LTS... Normally you would stay on an
LTS because you care of the machine stability.Hopefully not the same
story for 14.04.

Regards,
- Laurent -

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https://bugs.launchpad.net/bugs/1044749

Title:
  kernel panic after upgrade ubuntu server from 10.04 to 12.04

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