VM panics at boot after P2V

Issue

• Tried to convert a physical machine to a VMware virtual machine. Virtual machine will not boot.
• After P2V migration, VMware virtual machine panics. The screen shot includes the following:

mount: could not find filesystem '/dev/root'
setuproot: moving /dev failed: No such file or directory
setuproot: error mounting /proc: No such file or directory
setuproot: error mounting /sys: No such file or directory
switchroot: mount failed: No such file or directory
Kernel paic - not syncing: Attempted to kill init!