There's no question in this question, so I just assume you want to understand the situation.
Your guest Ubuntu machine is unusable and it is indicated by the error messages in the console starting with:
run-init: /sbin/init: No such file or directory
The error in the VMware Player is just a result of the guest machine not being able to start correctly. Per KB2000542:
The error message is seen when a guest operating system running in a VMware virtual machine intentionally halts the virtual CPU by executing the instructions CLI and HLT in succession. This can occur during a critical error or fault within the guest operating system.
This error can occur in:
- Windows virtual machines - Caused by the guest operating system crashing (BSOD).
- Linux virtual machines - Caused by kernel panic can also generate those messages.
Either you have a disk configuration problem, or your guest machine became corrupted and you should create a new one.
After that you might try to mount the affected machine disk to retrieve data or further troubleshoot the problem.