I'm running Oracle VM 3.1.1.
I just performed a p2v on a RH 4.7 server (AS).
As soon as I started the guest,I see kernel panic in the console.
I see the following messages :
mount : error 6 mounting ext3
mount : error 2 mounting none
switchroot : mount failed 22
exec of init (/sbin/init) failed!!! : 2
umount /initrd/dev failed: 2
Kernel panic - not syncing: Attempted to kill init!
This is a typical error, if the boot loader can't load the initial ramdisk. Check your boot loader config… RH4.7 deems pretty old to me, most probably you will need to adjust the boot loader to get a hold onto the "new" volumes. You could boot into a recovery CD like Knoppix or even better into a RH4.7 install CD and fix that issue.