v2v conversion fails with:"virt-v2v: error: no kernels were found in the bootloader configuration." in RHEL 6 and lower (grub v1)

Issue

The v2v conversion fails with the following message in RHEL 6 and lower (using grub v1):

kernels offered by the bootloader in this guest (first in list is default):
virt-v2v: error: no kernels were found in the bootloader configuration.

This probably indicates that virt-v2v was unable to parse the bootloader