Kernel panic - not syncing: attemted to kill init !

dear experts linux

i am using RHEL 5.5 run on a physical server.
i am front of a big trouble, the Rhel can't run correctly , it show me this error message :

reading all physical volumes. this my take a while ..
found volume group "VolGroup00" using metadata type lvm2
9 logical volume in volume group "VolGroup00" now active
exec of init (/sbin/init) failed!!! : no such file or directory

Kernel panic - not syncing: attemted to kill init !

kernel alive

please guide me to the right way in order to fix thix issue and riscue my OS.
which steps should i follow ?
i belive in you PRO. :)