Regarding the original question, I just checked and the issue is not reproducible with 14.04.3 ISO and VMware workstation.
Please follow How do I install Ubuntu? and consult the manual of your virtualization solution or your machine.
A little more detail: Your machine found one of the bootloaders on the media (El Torito MBR or EFI, EFI default loader in EFI\BOOT), but was unable to find the kernel to proceed. This is usually a user error in creating or using installation media, though with VMs there usually is not much to screw up: configure the machine, mount the image and install. If in doubt, try another distribution like Fedora, another boot method or other media. Also, while the kernel is named vmlinuz.efi, this doesn't imply EFI booting or any failure in doing so, it's apparently just a filename extension chosen to hint at that this kernel also includes an EFI stub but could boot both legacy and EFI. Furthermore since it's looking for a file that actually exists there is nothing that requires renaming, modifying or adding in the ISO.
(Yes this does not solve the problem brought up in the bounty, which has nothing to do with initial question, is even worse to reproduce and should be asked in a separate question if there exists no satisfying answer. Though IIRC how to modify an ISO with genisoimage has already been asked, my bookmarks just don't seem to have it any more. There apparently is no bug in the kernel and AU is not a bug tracker. Also I'm no more interested in the bounty, because there is no useful information to work with.)
.iso
file? Is it a USB flash drive? If the latter, how did you create it? If it's a DVD, chances are it's a bad burn. If it's a USB drive, chances are the program you used did it wrong, so you must either adjust its settings or use another program. – Rod Smith Jul 09 '15 at 12:51/casper/vmlinuz.efi
, too. btw I am on an old machine (Pentium IV). – LittleByBlue Oct 07 '15 at 17:51