The file /etc/sysconfig/installkernel describes the options NOLINK & NOLAUNCH; there is said that one should set them to \"yes\" if he wants to enable them.
But the script /sbin/installkernel doesn\'t treat these values correctly: it expects some arguments like \"-n\" rather than \"yes\" as their values.
As a result /sbin/installkernel doesn\'t work correctly when NOLINK=\"yes\" is set in the config file: it tries to make an InitRD image for the kernel version \"yes\" instead of the real version and fails to do so. So no InitRD is created (even when it is needed) and the installed kernel can\'t be booted.
Set NOLINK=\"yes\" in /etc/sysconfig/installkernel and install a kernel that requires InitRD on your system.
A patch to fix it is attached.
applied the patch in