System does not boot with "exec of init ((null))failed! Bad address"

Issue

System does not boot with the following messages.

root (hd0.0)
 Filesystem type is extw2fs, partition type 0x83
kernel /vmlinuz-2.6.18.308.e15 ro root=LABEL=/ rhgb quiet
  [Linux-bzlmage, setup=0x100e, size=0x20283c]
initrd /initrd-2.6.18-308.e15.img
  [Linux-initrd @ 0x37d44000, 0x2ab426 bytes]

Memory for crash kernel (0x0 to 0x0) notwithin permissible range
Red Hat nash version 5.1.19.6 starting
WARNING:can't access (null)
exec of init ((null))failed! Bad address
kernel panic - not syncing: Attempted to kill init!