I've reproduced the problem.
The reason is that all (or at least most) of devices (both PCI and ISA),
including only available in that mode i8254 and RTC timers, failed to
allocate their interrupts. While reported message is indeed related to
event timer code, problem IMHO doesn't. While without this panic system
could boot without any alive timer, I have doubts that it would be
functional without timers, USB, network and disk controllers.
Problems seems to be the same if I am trying to boot without ACPI.
--
Alexander Motin
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