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I tried "yum update -y" and after reboot I encountered a kernel panic after the following message: switchroot: mount failed: No such file or directory.
So I got to reinstall ovm 3.0.3 from scratch.
Maybe the hard disk drivers in 3.1.1 kernel version (uek2) are not compatible with my server disks.
If someone has an accurate explanation to this issue, could be helpfull.