Looks to me like the initramfs wasn't created correctly. Please boot
from an older kernel, and run:
sudo update-initramfs -u -k 2.6.15-26-server
Make sure this runs without error. Note the message you see in dmesg
confirms that the initramfs is not valid. If this appears to be a bug in
the creation of this (e.g. not just a failure on the system like running
out of disk space), open a target for this bug against initramfs-tools.
** Changed in: linux-source-2.6.15 (Ubuntu)
Status: Unconfirmed => Rejected
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Server Kernel update (47) prevents booting!
https://launchpad.net/bugs/60893
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