Comment 100 for bug 205990

@Alex:
Yes, I have checked.
Basically, usplash loads fine (pulsating), but the problem occurs when the system is looking for a 'system resume file'. It cannot find the partition listed in fstab and resume, therefore cannot check for a 'resume file', and drops to a terminal.

So, in your case, the partition holding the swap file is not yet mounted, therefore it is impossible for the system to look for a 'resume file' inside the swap file, and the same problem occurs.