I also encountered this grub error "symbol 'grub_term_highlight_color' not found" after upgrading Xubuntu from 13.10 to 14.04 on a dual partition Windows 8.1/Xubuntu. I've upgraded Xubuntu in the past with no issues, but when upgrading last night from 13.10 to 14.04, I found myself stuck at the grub rescue prompt. Given that I haven't encountered this issue before, I decided to try the Boot Repair utility as is detailed here: https://help.ubuntu.com/community/Boot-Repair. I needed to go with the "2nd option" noted on that help page, because I had no way to create a Boot Repair CD.
Here's what I did exactly:
On my laptop I went to xubuntu dot org where I downloaded the Live Xubuntu ISO. If you have a writeable disc drive, I'm sure you can create a LiveCD with this ISO file (presumably you could create a Boot Repair CD, too), but my laptop has no optical drive.
So, I then created a bootable LiveUSB of Xubuntu 14.04. The instructions I followed to create the LiveUSB can be found here: http://blog.tinned-software.net/create-bootable-usb-stick-from-iso-in-mac-os-x/ (keeping in mind my laptop's Mac OS required the "sudo" command to write to the formatted USB, as detailed in the comments of that post).
With the finished LiveUSB of Xubuntu in hand, I rebooted the grub error computer, changing the boot menu to recognize the LiveUSB, which loaded the Xubuntu Live.
I chose "Try Xubuntu" when the LiveUSB asked me to try or install. This loaded a Xubuntu session showing all my partitions as desktop icons.
I opened a terminal and ran the following as detailed in the above-linked Boot Repair help page:
sudo add-apt-repository ppa:yannubuntu/boot-repair
sudo sed 's/trusty/saucy/g' -i /etc/apt/sources.list.d/yannubuntu-boot-repair-trusty.list
sudo apt-get update
sudo apt-get install -y boot-repair && (boot-repair &)
I followed the instructions in the Boot Repair utility, which were fairly self-explanatory. Boot Repair recognized my partitions and ran its process, but finished with an "error" Ubuntu Pastebin address. I copied that down, but it seemed that the error was linked to extra drives on the machine that have no OS. Regardless of the error, Boot Repair still gave the option to reboot, so I did.
I obviously made sure my boot menu pointed to the correct drive, and voila! Grub recognized all my partitions again as it was supposed to. I loaded up Xubuntu, and it looks like 14.04 runs just as it should now that the Boot Repair has done its work. Additionally, I can load Windows 8.1 just fine.
Hopefully my notes are of some usefulness. I'm grateful for Boot Repair and for all the dedicated troubleshooters out there!