Thanks for the pointer, it was hepfull.
This is a standard Slackware 12.1 32 bits install and boots from Lilo (no other OS installed)
At first, the fs was so corrupted (power failure), that the boot process couldn't even reach the Lilo prompt.
A repair was attempted via booting from Slackware' CD + running fsck on the HD' root partition of the server
Now Lilo executes normaly, however if IIUIC (per your link), the call to the shell is likely the result of a failure of init program.
Tried to locate this init program but no success (find and slocate not recognised by the shell and
surprisingly /sbin is absent when doing "ls" on /)
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