Bug 10566

Latest working kernel version: 2.6.22 
Earliest failing kernel version: 2.6.24.3, I didn't check any between.
Distribution: Ubuntu Hardy (8.04)
Hardware Environment:
00:00.0 Host bridge: nVidia Corporation nForce2 IGP2 (rev c1)
00:00.1 RAM memory: nVidia Corporation nForce2 Memory Controller 1 (rev c1)
00:00.2 RAM memory: nVidia Corporation nForce2 Memory Controller 4 (rev c1)
00:00.3 RAM memory: nVidia Corporation nForce2 Memory Controller 3 (rev c1)
00:00.4 RAM memory: nVidia Corporation nForce2 Memory Controller 2 (rev c1)
00:00.5 RAM memory: nVidia Corporation nForce2 Memory Controller 5 (rev c1)
00:01.0 ISA bridge: nVidia Corporation nForce2 ISA Bridge (rev a4)
00:01.1 SMBus: nVidia Corporation nForce2 SMBus (MCP) (rev a2)
00:02.0 USB Controller: nVidia Corporation nForce2 USB Controller (rev a4)
00:02.1 USB Controller: nVidia Corporation nForce2 USB Controller (rev a4)
00:02.2 USB Controller: nVidia Corporation nForce2 USB Controller (rev a4)
00:04.0 Ethernet controller: nVidia Corporation nForce2 Ethernet Controller (rev a1)
00:05.0 Multimedia audio controller: nVidia Corporation nForce Audio Processing Unit (rev a2)
00:06.0 Multimedia audio controller: nVidia Corporation nForce2 AC97 Audio Controler (MCP) (rev a1)
00:08.0 PCI bridge: nVidia Corporation nForce2 External PCI Bridge (rev a3)
00:09.0 IDE interface: nVidia Corporation nForce2 IDE (rev a2)
00:1e.0 PCI bridge: nVidia Corporation nForce2 AGP (rev c1)
01:07.0 Multimedia video controller: Brooktree Corporation Bt849A Video capture (rev 12)
01:0b.0 RAID bus controller: Promise Technology, Inc. PDC20376 (FastTrak 376) (rev 02)
03:00.0 VGA compatible controller: nVidia Corporation GeForce 7900 GS (rev a2)

Problem Description:
I've got a problem with the new kernel. After upgrade Gutsy->Hardy which went fine reboot welcomes me with Kernel panic - not syncing: VFS: unable to mount root on unknown-block(0,0). Trying to boot Gutsy kernel ends in BusyBox. Quick look around in it showed no hard drive devices (sda/sdb/hdc/hdd in /dev). I did boot with System Rescue CD, mounted /boot and rolled back initrd to the one generated during gutsy install for 2.6.22. I successfully booted Gutsy kernel then. update-initramfs successfully actualized initrd for 2.6.22 so there has to be some problem with the kernel. I've tried to reinstall it, install 2.6.22-16-386, server and pci=nomsi option with kernel panic everytime. Ubuntu Live CD recognizes all drives correctly, but overwriting 2.6.24 kernel with the one from Live CD doesn't help. Recompilation of Hardy kernel doesnt either. This bug is also valid for vanilla 2.6.24.3 and 2.6.25 kernels. I've got lvm on software raid, but that shouldn't matter here. System installed on sata drives, and besides those two, I've got one hdd and dvd-rw on pata. Chipset is nforce2, sata controller PDC20376.