Kernel panic on boot after upgrading to new kernel version - failing to load correct modules

Solution In Progress - Updated 2015-05-12T11:46:20+00:00 -

Issue

After installing new kernel package with yum, the new kernel is not bootable.

FATAL: Could not load /lib/modules/2.6.32-504.8.1.el6.x86_64/modules.dep: No such file or directory

Generated initrd contains modules for previous kernel (kernel version where initrd was generated).

Red Hat Enterprise Linux 6
3rd party backup agent (Catalogic DPX) with 'cj' kernel module
Possible environment:
VMware virtual machine

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