got the same error when trying to cross compile the raspberry pi kernel on ubunto 14.04.03 64bit under VM. the solution was found here:
-Install packages used for cross compiling on the Ubuntu box.
sudo apt-get install gcc-arm-linux-gnueabi make git-core ncurses-dev
-Download the toolchain
cd ~
git clone https://github.com/raspberrypi/tools
-Add the toolchain to your path
PATH=$PATH:~/tools/arm-bcm2708/gcc-linaro-arm-linux-gnueabihf-raspbian:~/tools/arm-bcm2708/gcc-linaro-arm-linux-gnueabihf-raspbian-x64/bin
notice the x64 version in the path command