Very curious
There is a small filesystem image (and initramfs) in the gnubee.bin firmware which contains the /lib/init mentioned in the error message. The relevant line (which confusingly isn't line 47) is
> exec chroot . /sbin/init
This appears to have failed, but without any error status. The most likely cause is something wrong with /sbin/init in the root filesystem (the filesystem identified as GNUBEE-ROOT).
I would suggested mounting this filesystem on another computer and examining lib/init. Maybe it is empty.
If it is, and maybe if it isn't, you need to recover the correct 'init' file from somewhere. But if one file is corrupt, it is possible that others are too. I would look around and see if anything looks strange, but that is only possible if you know what things should look like.
Is the GNUBEE-ROOT a Debian root filesystem? Where did you get it from? Maybe restore some stuff from there.