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I am having a similar 'Failed to initialize COM' problem on Mac OS X 10.7.5, VirtualBox 4.2.2. I have wasted over six hours alone trying to address the issue, and it's still unresolved. My message:

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Failed to initialize COM because the VirtualBox global configuration directory /Users/username/Library/VirtualBox is not accessible. Please check the permissions of this directory and of its parent directory.

The application will now terminate.

'

There is no such VirtualBox folder in my user Library folder. It is trying to locate a non-existent directory.

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The closest workaround I could find that enabled VirtualBox to open was to create a brand new admin level user, log in to that user account, then install VirtualBox and run under that account. Works great, until I log out and try to run VirtualBox on my primary admin account, which results in the same 'failed to initialize COM' error.

I have found no helpful advice geared towards Mac OS X users to troubleshoot or resolve this issue. You can try posting on Oracle's VirtualBox forum. Good luck.

Oct 22, 2012 10:49 AM