This might be more appropriate in the Workstation Forum. Since the conversion went through, the VM will start up based off of the old hardware configuration.
If failsafe boots, it might just be a driver conflict ... but I don't know Solaris all that much. Can you attempt to install tools in Solaris failsafe mode? that would at least get the drivers onto the system for the setup you have.
from what you have posted, it looks like you have a kernel panic when loading the main file system. that's common when doing a P2V on a linux based os.
What was the hardware in the original system, and can you attach the .VMX file from the virtual machine?