"No inittab file found" after reset

An old dedicated server (Debian with Raid1) wasn't responding today and now can't boot after manual reset. Last message is

No inittab file found.

I still have access to filesystem via rescue system. Ran fsck and checked raid (both arrays are clean).

  Booting 'Debian GNU/Linux, kernel 2.6.26-2-amd64 Default'

root  (hd0,0)
 Filesystem type is ext2fs, partition type 0xfd
kernel  /vmlinuz root=/dev/md1 ro console=tty0 console=ttyS0,57600
   [Linux-bzImage, setup=0x3000, size=0x1a9810]
initrd  /initrd.img
   [Linux-initrd @ 0x37d6a000, 0x28513a bytes]

[    0.000000] Initializing cgroup subsys cpuset
[    0.000000] Initializing cgroup subsys cpu
[    0.000000] Linux version 2.6.26-2-amd64 (Debian 2.6.26-19) (dannf@debian.org) (gcc version 4.1.3 20080704 (prerelease) (Debian 4.1.2-25)) #1 SMP Wed Aug 19 22:33:18 UTC 2009
[    0.000000] Command line: root=/dev/md1 ro console=tty0 console=ttyS0,57600
[    0.000000] BIOS-provided physical RAM map:
[    0.000000]  BIOS-e820: 0000000000000000 - 000000000009fc00 (usable)
[    0.000000]  BIOS-e820: 000000000009fc00 - 00000000000a0000 (reserved)
[    0.000000]  BIOS-e820: 00000000000e4000 - 0000000000100000 (reserved)
[    0.000000]  BIOS-e820: 0000000000100000 - 00000000ddfb0000 (usable)
[    0.000000]  BIOS-e820: 00000000ddfb0000 - 00000000ddfbe000 (ACPI data)
[    0.000000]  BIOS-e820: 00000000ddfbe000 - 00000000ddfe0000 (ACPI NVS)
[    0.000000]  BIOS-e820: 00000000ddfe0000 - 00000000ddfee000 (reserved)
[    0.000000]  BIOS-e820: 00000000ddff0000 - 00000000de000000 (reserved)
[    0.000000]  BIOS-e820: 00000000ff700000 - 0000000100000000 (reserved)
[    0.000000]  BIOS-e820: 0000000100000000 - 0000000120000000 (usable)
[    0.000000] max_pfn_mapped = 1179648
[    0.000000] init_memory_mapping
[    0.000000] DMI present.
[    0.000000] ACPI: RSDP 000F9E50, 0024 (r2 ACPIAM)
[    0.000000] ACPI: XSDT DDFB0100, 0054 (r1 072109 XSDT0904 20090721 MSFT       97)
[    0.000000] ACPI: FACP DDFB0290, 00F4 (r3 072109 FACP0904 20090721 MSFT       97)
[    0.000000] ACPI: DSDT DDFB0440, 4584 (r1  A96B3 A96B3206      206 INTL 20051117)
[    0.000000] ACPI: FACS DDFBE000, 0040
[    0.000000] ACPI: APIC DDFB0390, 006C (r1 072109 APIC0904 20090721 MSFT       97)
[    0.000000] ACPI: MCFG DDFB0400, 003C (r1 072109 OEMMCFG  20090721 MSFT       97)
[    0.000000] ACPI: OEMB DDFBE040, 0071 (r1 072109 OEMB0904 20090721 MSFT       97)
[    0.000000] ACPI: HPET DDFB49D0, 0038 (r1 072109 OEMHPET  20090721 MSFT       97)
[    0.000000] ACPI: SSDT DDFB4A10, 088C (r1 A M I  POWERNOW        1 AMD         1)
[    0.000000] Scanning NUMA topology in Northbridge 24
[    0.000000] No NUMA configuration found
[    0.000000] Faking a node at 0000000000000000-0000000120000000
[    0.000000] Bootmem setup node 0 0000000000000000-0000000120000000
[    0.000000]   NODE_DATA [000000000000e000 - 0000000000012fff]
[    0.000000]   bootmap [0000000000013000 -  0000000000036fff] pages 24
[    0.000000]   early res: 0 [0-fff] BIOS data page
[    0.000000]   early res: 1 [6000-7fff] TRAMPOLINE
[    0.000000]   early res: 2 [200000-675397] TEXT DATA BSS
[    0.000000]   early res: 3 [37d6a000-37fef139] RAMDISK
[    0.000000]   early res: 4 [9fc00-fffff] BIOS reserved
[    0.000000]   early res: 5 [8000-dfff] PGTABLE
[    0.000000] Zone PFN ranges:
[    0.000000]   DMA             0 ->     4096
[    0.000000]   DMA32        4096 ->  1048576
[    0.000000]   Normal    1048576 ->  1179648
[    0.000000] Movable zone start PFN for each node
[    0.000000] early_node_map[3] active PFN ranges
[    0.000000]     0:        0 ->      159
[    0.000000]     0:      256 ->   909232
[    0.000000]     0:  1048576 ->  1179648
[    0.000000] ATI board detected. Disabling timer routing over 8254.
[    0.000000] ACPI: PM-Timer IO Port: 0x808
[    0.000000] ACPI: LAPIC (acpi_id[0x01] lapic_id[0x00] enabled)
[    0.000000] ACPI: LAPIC (acpi_id[0x02] lapic_id[0x01] enabled)
[    0.000000] ACPI: LAPIC (acpi_id[0x03] lapic_id[0x02] enabled)
[    0.000000] ACPI: LAPIC (acpi_id[0x04] lapic_id[0x03] enabled)
[    0.000000] ACPI: IOAPIC (id[0x04] address[0xfec00000] gsi_base[0])
[    0.000000] IOAPIC[0]: apic_id 4, version 0, address 0xfec00000, GSI 0-23
[    0.000000] ACPI: INT_SRC_OVR (bus 0 bus_irq 0 global_irq 2 dfl dfl)
[    0.000000] ACPI: INT_SRC_OVR (bus 0 bus_irq 9 global_irq 9 low level)
[    0.000000] Setting APIC routing to flat
[    0.000000] ACPI: HPET id: 0x8300 base: 0xfed00000
[    0.000000] Using ACPI (MADT) for SMP configuration information
[    0.000000] PM: Registered nosave memory: 000000000009f000 - 00000000000a0000
[    0.000000] PM: Registered nosave memory: 00000000000a0000 - 00000000000e4000
[    0.000000] PM: Registered nosave memory: 00000000000e4000 - 0000000000100000
[    0.000000] PM: Registered nosave memory: 00000000ddfb0000 - 00000000ddfbe000
[    0.000000] PM: Registered nosave memory: 00000000ddfbe000 - 00000000ddfe0000
[    0.000000] PM: Registered nosave memory: 00000000ddfe0000 - 00000000ddfee000
[    0.000000] PM: Registered nosave memory: 00000000ddfee000 - 00000000ddff0000
[    0.000000] PM: Registered nosave memory: 00000000ddff0000 - 00000000de000000
[    0.000000] PM: Registered nosave memory: 00000000de000000 - 00000000ff700000
[    0.000000] PM: Registered nosave memory: 00000000ff700000 - 0000000100000000
[    0.000000] Allocating PCI resources starting at e0000000 (gap: de000000:21700000)
[    0.000000] SMP: Allowing 4 CPUs, 0 hotplug CPUs
[    0.000000] PERCPU: Allocating 37168 bytes of per cpu data
[    0.000000] Built 1 zonelists in Node order, mobility grouping on.  Total pages: 1022831
[    0.000000] Policy zone: Normal
[    0.000000] Kernel command line: root=/dev/md1 ro console=tty0 console=ttyS0,57600
[    0.000000] Initializing CPU#0
[    0.000000] PID hash table entries: 4096 (order: 12, 32768 bytes)
[    0.000000] Extended CMOS year: 2000
[    0.000000] TSC calibrated against PM_TIMER
[    0.000000] time.c: Detected 2500.094 MHz processor.
[    0.004000] Console: colour VGA+ 80x25
[    0.004000] console [tty0] enabled
[    0.004000] console [ttyS0] enabled
[    0.004000] Checking aperture...
[    0.004000] Node 0: aperture @ d4000000 size 32 MB
[    0.004000] Aperture pointing to e820 RAM. Ignoring.
[    0.004000] No AGP bridge found
[    0.004000] Your BIOS doesn't leave a aperture memory hole
[    0.004000] Please enable the IOMMU option in the BIOS setup
[    0.004000] This costs you 64 MB of RAM
[    0.004000] Mapping aperture over 65536 KB of RAM @ 4000000
[    0.004000] PM: Registered nosave memory: 0000000004000000 - 0000000008000000
[    0.004000] Memory: 4028316k/4718592k available (2228k kernel code, 132512k reserved, 1081k data, 392k init)
[    0.084179] Calibrating delay using timer specific routine.. 5187.87 BogoMIPS (lpj=10375743)
[    0.096006] Security Framework initialized
[    0.100006] SELinux:  Disabled at boot.
[    0.104006] Capability LSM initialized
[    0.108006] Dentry cache hash table entries: 524288 (order: 10, 4194304 bytes)
[    0.112007] Inode-cache hash table entries: 262144 (order: 9, 2097152 bytes)
[    0.116007] Mount-cache hash table entries: 256
[    0.120007] Initializing cgroup subsys ns
[    0.124007] Initializing cgroup subsys cpuacct
[    0.128008] Initializing cgroup subsys devices
[    0.132008] CPU: L1 I Cache: 64K (64 bytes/line), D cache 64K (64 bytes/line)
[    0.136008] CPU: L2 Cache: 512K (64 bytes/line)
[    0.140008] CPU 0/0 -> Node 0
[    0.144009] CPU: Physical Processor ID: 0
[    0.148009] CPU: Processor Core ID: 0
[    0.152009] ACPI: Core revision 20080321
[    0.205936] CPU0: Quad-Core AMD Opteron(tm) Processor 1381 stepping 02
[    0.218507] Using local APIC timer interrupts.
[    0.228014] Detected 12.500 MHz APIC timer.
[    0.232014] Booting processor 1/1 ip 6000
[    0.244015] Initializing CPU#1
[    0.244015] Calibrating delay using timer specific routine.. 5000.32 BogoMIPS (lpj=10000652)
[    0.244015] CPU: L1 I Cache: 64K (64 bytes/line), D cache 64K (64 bytes/line)
[    0.244015] CPU: L2 Cache: 512K (64 bytes/line)
[    0.244015] CPU 1/1 -> Node 0
[    0.244015] CPU: Physical Processor ID: 0
[    0.244015] CPU: Processor Core ID: 1
[    0.324020] CPU1: Quad-Core AMD Opteron(tm) Processor 1381 stepping 02
[    0.334517] checking TSC synchronization [CPU#0 -> CPU#1]: passed.
[    0.340021] Booting processor 2/2 ip 6000
[    0.356022] Initializing CPU#2
[    0.356022] Calibrating delay using timer specific routine.. 5000.26 BogoMIPS (lpj=10000521)
[    0.356022] CPU: L1 I Cache: 64K (64 bytes/line), D cache 64K (64 bytes/line)
[    0.356022] CPU: L2 Cache: 512K (64 bytes/line)
[    0.356022] CPU 2/2 -> Node 0
[    0.356022] CPU: Physical Processor ID: 0
[    0.356022] CPU: Processor Core ID: 2
[    0.434353] CPU2: Quad-Core AMD Opteron(tm) Processor 1381 stepping 02
[    0.446523] checking TSC synchronization [CPU#0 -> CPU#2]: passed.
[    0.452028] Booting processor 3/3 ip 6000
[    0.468029] Initializing CPU#3
[    0.468029] Calibrating delay using timer specific routine.. 5000.27 BogoMIPS (lpj=10000554)
[    0.468029] CPU: L1 I Cache: 64K (64 bytes/line), D cache 64K (64 bytes/line)
[    0.468029] CPU: L2 Cache: 512K (64 bytes/line)
[    0.468029] CPU 3/3 -> Node 0
[    0.468029] CPU: Physical Processor ID: 0
[    0.468029] CPU: Processor Core ID: 3
[    0.546456] CPU3: Quad-Core AMD Opteron(tm) Processor 1381 stepping 02
[    0.558527] checking TSC synchronization [CPU#0 -> CPU#3]: passed.
[    0.564031] Brought up 4 CPUs
[    0.568031] Total of 4 processors activated (20188.73 BogoMIPS).
[    0.576018] net_namespace: 1224 bytes
[    0.580018] Booting paravirtualized kernel on bare hardware
[    0.584018] NET: Registered protocol family 16
[    0.588020] TOM: 00000000e0000000 aka 3584M
[    0.592020] TOM2: 0000000120000000 aka 4608M
[    0.596020] ACPI: bus type pci registered
[    0.600021] PCI: MCFG configuration 0: base e0000000 segment 0 buses 0 - 255
[    0.604021] PCI: Not using MMCONFIG.
[    0.608023] PCI: Using configuration type 1 for base access
[    0.623373] ACPI: Interpreter enabled
[    0.628044] ACPI: (supports S0 S1 S3 S4 S5)
[    0.634986] ACPI: Using IOAPIC for interrupt routing
[    0.640044] PCI: MCFG configuration 0: base e0000000 segment 0 buses 0 - 255
[    0.647469] PCI: MCFG area at e0000000 reserved in ACPI motherboard resources
[    0.664044] PCI: Using MMCONFIG at e0000000 - efffffff
[    0.676044] ACPI: PCI Root Bridge [PCI0] (0000:00)
[    0.680044] pci 0000:00:12.0: set SATA to AHCI mode
[    0.688494] PCI: Transparent bridge - 0000:00:14.4
[    0.697196] ACPI: PCI Interrupt Link [LNKA] (IRQs 3 4 *5 7 10 11 12 14 15)
[    0.709680] ACPI: PCI Interrupt Link [LNKB] (IRQs 3 4 5 7 10 11 12 14 *15)
[    0.724136] ACPI: PCI Interrupt Link [LNKC] (IRQs 3 4 5 7 *10 11 12 14 15)
[    0.732136] ACPI: PCI Interrupt Link [LNKD] (IRQs 3 4 5 7 *10 11 12 14 15)
[    0.741675] ACPI: PCI Interrupt Link [LNKE] (IRQs 3 4 5 7 10 11 12 14 15) *0, disabled.
[    0.756065] ACPI: PCI Interrupt Link [LNKF] (IRQs 9) *0, disabled.
[    0.763874] ACPI: PCI Interrupt Link [LNKG] (IRQs 3 4 5 7 10 *11 12 14 15)
[    0.773673] ACPI: PCI Interrupt Link [LNKH] (IRQs 3 4 5 7 10 11 12 14 15) *0, disabled.
[    0.789094] ACPI Warning (tbutils-0217): Incorrect checksum in table [OEMB] - FB, should be FA [20080321]
[    0.799424] Linux Plug and Play Support v0.97 (c) Adam Belay
[    0.805094] pnp: PnP ACPI init
[    0.809094] ACPI: bus type pnp registered
[    0.817094] pnp: PnP ACPI: found 13 devices
[    0.823443] ACPI: ACPI bus type pnp unregistered
[    0.831446] usbcore: registered new interface driver usbfs
[    0.837546] usbcore: registered new interface driver hub
[    0.841552] usbcore: registered new device driver usb
[    0.849552] PCI: Using ACPI for IRQ routing
[    0.872799] PCI-DMA: Disabling AGP.
[    0.882713] PCI-DMA: aperture base @ 4000000 size 65536 KB
[    0.886713] PCI-DMA: using GART IOMMU.
[    0.890713] PCI-DMA: Reserving 64MB of IOMMU area in the AGP aperture
[    0.894713] hpet0: at MMIO 0xfed00000, IRQs 2, 8, 0, 0
[    0.902716] hpet0: 4 32-bit timers, 14318180 Hz
[    0.909175] ACPI: RTC can wake from S4
[    0.932799] system 00:07: iomem range 0xfec00000-0xfec00fff has been reserved
[    0.944812] system 00:07: iomem range 0xfee00000-0xfee00fff has been reserved
[    0.959193] system 00:08: ioport range 0x4d0-0x4d1 has been reserved
[    0.971908] system 00:08: ioport range 0x40b-0x40b has been reserved
[    0.984612] system 00:08: ioport range 0x4d6-0x4d6 has been reserved
[    0.997315] system 00:08: ioport range 0xc00-0xc01 has been reserved
[    1.010021] system 00:08: ioport range 0xc14-0xc14 has been reserved
[    1.024377] system 00:08: ioport range 0xc50-0xc51 has been reserved
[    1.037082] system 00:08: ioport range 0xc52-0xc52 has been reserved
[    1.049785] system 00:08: ioport range 0xc6c-0xc6c has been reserved
[    1.062490] system 00:08: ioport range 0xc6f-0xc6f has been reserved
[    1.075192] system 00:08: ioport range 0xcd0-0xcd1 has been reserved
[    1.087896] system 00:08: ioport range 0xcd2-0xcd3 has been reserved
[    1.100710] system 00:08: ioport range 0xcd4-0xcd5 has been reserved
[    1.115185] system 00:08: ioport range 0xcd6-0xcd7 has been reserved
[    1.127890] system 00:08: ioport range 0xcd8-0xcdf has been reserved
[    1.140594] system 00:08: ioport range 0x800-0x89f has been reserved
[    1.153299] system 00:08: ioport range 0xb10-0xb1f has been reserved
[    1.166098] system 00:08: ioport range 0x900-0x90f has been reserved
[    1.178801] system 00:08: ioport range 0x910-0x91f has been reserved
[    1.191506] system 00:08: ioport range 0xfe00-0xfefe has been reserved
[    1.204266] system 00:08: iomem range 0xffb80000-0xffbfffff could not be reserved
[    1.219230] system 00:0a: ioport range 0xa00-0xa0f has been reserved
[    1.231942] system 00:0a: ioport range 0xa10-0xa1f has been reserved
[    1.244651] system 00:0b: iomem range 0xe0000000-0xefffffff has been reserved
[    1.258933] system 00:0c: iomem range 0x0-0x9ffff could not be reserved
[    1.272075] system 00:0c: iomem range 0xc0000-0xcffff has been reserved
[    1.285299] system 00:0c: iomem range 0xe0000-0xfffff could not be reserved
[    1.299214] system 00:0c: iomem range 0x100000-0xddffffff could not be reserved
[    1.313827] system 00:0c: iomem range 0xfec00000-0xffffffff could not be reserved
[    1.330175] PCI: Bridge: 0000:00:01.0
[    1.435168]   IO window: c000-cfff
[    1.443169]   MEM window: 0xfe800000-0xfe9fffff
[    1.451580]   PREFETCH window: 0x00000000fc000000-0x00000000fdffffff
[    1.464284] PCI: Bridge: 0000:00:04.0
[    1.471620]   IO window: d000-dfff
[    1.479168]   MEM window: 0xfea00000-0xfeafffff
[    1.488237]   PREFETCH window: disabled.
[    1.496096] PCI: Bridge: 0000:00:05.0
[    1.503432]   IO window: e000-efff
[    1.511168]   MEM window: 0xfeb00000-0xfebfffff
[    1.520241]   PREFETCH window: disabled.
[    1.528097] PCI: Bridge: 0000:00:14.4
[    1.535435]   IO window: disabled.
[    1.540642]   MEM window: disabled.
[    1.547634]   PREFETCH window: disabled.
[    1.559238] NET: Registered protocol family 2
[    1.607855] IP route cache hash table entries: 131072 (order: 8, 1048576 bytes)
[    1.620847] TCP established hash table entries: 524288 (order: 11, 8388608 bytes)
[    1.639852] TCP bind hash table entries: 65536 (order: 8, 1048576 bytes)
[    1.652242] TCP: Hash tables configured (established 524288 bind 65536)
[    1.665470] TCP reno registered
[    1.683855] NET: Registered protocol family 1
[    1.707145] checking if image is initramfs... it is
[    1.839194] Freeing initrd memory: 2580k freed
[    1.854477] audit: initializing netlink socket (disabled)
[    1.868266] type=2000 audit(1420557598.708:1): initialized
[    1.883261] Total HugeTLB memory allocated, 0
[    1.892346] VFS: Disk quotas dquot_6.5.1
[    1.900223] Dquot-cache hash table entries: 512 (order 0, 4096 bytes)
[    1.912388] msgmni has been set to 7872
[    1.921244] Block layer SCSI generic (bsg) driver version 0.4 loaded (major 253)
[    1.933286] io scheduler noop registered
[    1.941280] io scheduler anticipatory registered
[    1.953263] io scheduler deadline registered
[    1.961839] io scheduler cfq registered (default)
[    2.123215] assign_interrupt_mode Found MSI capability
[    2.133668] assign_interrupt_mode Found MSI capability
[    2.211610] Linux agpgart interface v0.103
[    2.227506] Serial: 8250/16550 driver $Revision: 1.90 $ 4 ports, IRQ sharing enabled
[    2.245979] serial8250: ttyS0 at I/O 0x3f8 (irq = 4) is a 16550A
[    2.258143] 00:05: ttyS0 at I/O 0x3f8 (irq = 4) is a 16550A
[    2.269653] brd: module loaded
[    2.276933] input: Macintosh mouse button emulation as /class/input/input0
[    2.290747] PNP: PS/2 Controller [PNP0303:PS2K] at 0x60,0x64 irq 1
[    2.302750] PNP: PS/2 appears to have AUX port disabled, if this is incorrect please boot with i8042.nopnp
[    2.322576] serio: i8042 KBD port at 0x60,0x64 irq 1
[    2.343181] mice: PS/2 mouse device common for all mice
[    2.353703] rtc_cmos 00:02: rtc core: registered rtc_cmos as rtc0
[    2.365721] rtc0: alarms up to one month, y3k
[    2.374744] cpuidle: using governor ladder
[    2.382746] cpuidle: using governor menu
[    2.390605] No iBFT detected.
[    2.396827] TCP cubic registered
[    2.403294] NET: Registered protocol family 17
[    2.416071] registered taskstats version 1
[    2.425485] rtc_cmos 00:02: setting system clock to 2015-01-06 15:20:01 UTC (1420557601)
[    2.441654] Freeing unused kernel memory: 392k freed
Loading, please wait...
Begin: Loading essential drivers[    2.480257] No dock devices found.
 ... [    2.492257] SCSI subsystem initialized
[    2.504257] ACPI: PCI Interrupt 0000:00:12.0[A] -> GSI 22 (level, low) -> IRQ 22
[    2.521385] ahci 0000:00:12.0: controller can't do 64bit DMA, forcing 32bit
[    3.537885] ahci 0000:00:12.0: AHCI 0001.0100 32 slots 4 ports 3 Gbps 0xf impl SATA mode
[    3.554056] ahci 0000:00:12.0: flags: ncq sntf ilck pm led clo pmp pio slum part
[    3.572242] scsi0 : ahci
[    3.577541] scsi1 : ahci
[    3.791702] scsi2 : ahci
[    3.798919] scsi3 : ahci
[    3.813828] ata1: SATA max UDMA/133 abar m1024@0xfe7ff800 port 0xfe7ff900 irq 22
[    3.829772] ata2: SATA max UDMA/133 abar m1024@0xfe7ff800 port 0xfe7ff980 irq 22
[    3.845748] ata3: SATA max UDMA/133 abar m1024@0xfe7ff800 port 0xfe7ffa00 irq 22
[    3.860549] ata4: SATA max UDMA/133 abar m1024@0xfe7ff800 port 0xfe7ffa80 irq 22
[    4.358843] ata1: softreset failed (device not ready)
[    4.368963] ata1: failed due to HW bug, retry pmp=0
[    4.542543] ata1: SATA link up 3.0 Gbps (SStatus 123 SControl 300)
[    4.555215] ata1.00: ATA-8: Hitachi HDP725050GLA360, GM4OA5CA, max UDMA/133
[    4.567218] ata1.00: 976773168 sectors, multi 16: LBA48 NCQ (depth 31/32)
[    4.582895] ata1.00: SB600 AHCI: limiting to 255 sectors per cmd
[    4.596503] ata1.00: SB600 AHCI: limiting to 255 sectors per cmd
[    4.608505] ata1.00: configured for UDMA/133
[    5.111802] ata2: softreset failed (device not ready)
[    5.121935] ata2: failed due to HW bug, retry pmp=0
[    5.298680] ata2: SATA link up 3.0 Gbps (SStatus 123 SControl 300)
[    5.335373] ata2.00: ATA-8: Hitachi HDP725050GLA360, GM4OA5CA, max UDMA/133
[    5.348660] ata2.00: 976773168 sectors, multi 16: LBA48 NCQ (depth 31/32)
[    5.362256] ata2.00: SB600 AHCI: limiting to 255 sectors per cmd
[    5.387017] ata2.00: SB600 AHCI: limiting to 255 sectors per cmd
[    5.395020] ata2.00: configured for UDMA/133
[    5.739232] ata3: SATA link down (SStatus 0 SControl 300)
[    6.083234] ata4: SATA link down (SStatus 0 SControl 300)
[    6.106531] scsi 0:0:0:0: Direct-Access     ATA      Hitachi HDP72505 GM4O PQ: 0 ANSI: 5
[    6.606372] scsi 1:0:0:0: Direct-Access     ATA      Hitachi HDP72505 GM4O PQ: 0 ANSI: 5
done.
Begin: Running /scripts/init-premount ... [    6.645988] ACPI: duty_cycle spans bit 4
[    6.654768] ACPI: CPU0 (power states: C1[C1] C2[C2] C3[C3])
[    6.666305] ACPI: ACPI0007:00 is registered as cooling_device0
[    6.678023] ACPI: ACPI0007:01 is registered as cooling_device1
[    6.689885] ACPI: ACPI0007:02 is registered as cooling_device2
[    6.702500] ACPI: ACPI0007:03 is registered as cooling_device3
[    6.757184] Driver 'sd' needs updating - please use bus_type methods
[    6.768606] sd 0:0:0:0: [sda] 976773168 512-byte hardware sectors (500108 MB)
[    6.790644] sd 0:0:0:0: [sda] Write Protect is off
[    6.804202] sd 0:0:0:0: [sda] Write cache: enabled, read cache: enabled, doesn't support DPO or FUA
[    6.827463] sd 0:0:0:0: [sda] 976773168 512-byte hardware sectors (500108 MB)
[    6.841758] sd 0:0:0:0: [sda] Write Protect is off
[    6.851387] sd 0:0:0:0: [sda] Write cache: enabled, read cache: enabled, doesn't support DPO or FUA
[    6.871368]  sda: sda1 sda2 sda3
[    6.898693] sd 0:0:0:0: [sda] Attached SCSI disk
[    6.910733] sd 1:0:0:0: [sdb] 976773168 512-byte hardware sectors (500108 MB)
[    6.933012] sd 1:0:0:0: [sdb] Write Protect is off
[    6.946849] sd 1:0:0:0: [sdb] Write cache: enabled, read cache: enabled, doesn't support DPO or FUA
[    6.993817] sd 1:0:0:0: [sdb] 976773168 512-byte hardware sectors (500108 MB)
[    7.009790] sd 1:0:0:0: [sdb] Write Protect is off
[    7.019403] sd 1:0:0:0: [sdb] Write cache: enabled, read cache: enabled, doesn't support DPO or FUA
[    7.037730]  sdb: sdb1 sdb2 sdb3
[    7.077837] sd 1:0:0:0: [sdb] Attached SCSI disk
done.
Begin: Mounting root file system ... Begin: Runn[    7.299122] md: raid1 personality registered for level 1
ing /scripts/local-top ... Begin: LoadingSuccess[    7.317885] md: md0 stopped.
: loaded module raid1.
done.
B[    7.332122] md: bind<sdb1>
egin: Assembling[    7.339206] md: bind<sda1>
 all MD arrays .[    7.353438] raid1: raid set md0 active with 2 out of 2 mirrors
.. mdadm: /dev/md0 [    7.364094] md: md1 stopped.
[    7.378060] md: bind<sdb3>s.

[    7.386457] md: bind<sda3>
[    7.394552] raid1: raid set md1 active with 2 out of 2 mirrors
mdadm: /dev/md1 has been started with 2 drives.
Success: assembled all arrays.
done.
Begin: Waiting for udev to process events ... done.
done.
Begin: Running /scripts/local-premount ... done.
[    7.507597] kjournald starting.  Commit interval 5 seconds
[    7.508851] EXT3-fs: mounted filesystem with ordered data mode.
Begin: Running /scripts/local-bottom ... done.
done.
Begin: Running /scripts/init-bottom ... done.
INIT: version 2.86 booting
INIT: No inittab file found

Enter runlevel:

(Entering Runlevel "1" doesn't help)

Is /etc/inittab the only file missing or does it look like other parts of / are affected?

If only inittab is missing, try googling for it and rebuilding one, or install a VM with this version of the OS to get a fresh copy, or restore from backup if available.

Also, check /lost+found: inittab may have been recovered by fsck.