Problem solved
The problem lied in somehow incomplete grub upgrade. The solution is quite 
simple:
1) Boot some live CD and chroot to the damaged instalation, like 
http://ubuntuforums.org/showthread.php?t=1156240
2) Purge all grub* packages
3) Check /boot directory and remove grub and grub2 folders completely
4) Install grub-pc and depending packages
5) Exit chrooted enviroment and reboot

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https://bugs.launchpad.net/bugs/1289977

Title:
  Ubuntu 14.04 Update breaks grub, resulting in "error: symbol
  'grub_term_highlight_color' not found"

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