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Premiere Pro CS6 or CC?
You may want to try importing the xml through the Media Browser. If your still unable to import the xml you can try cutting your FCP project into smaller chunks. You may find out where the problem is that way.
Let us know how it goes.
I am having a similar problem. I am trying to transfer FCP7 projects to Premiere CC. I did this once today with success. Exported xml from FCP and imported to Premiere without issue.
Later today I updated Premiere CC and my other Creative Cloud software. Since then I am having difficulty with this. I am performing the same steps and even tried importing through the media browser as suggested above. My error message suggests that something was corrupted. I checked out the path the message was showing me and there is no such file and I don't see why there would be. I have all the scratch disks set to a external hard drive.
To others have this same problem, I believe I have found the cause of mine. I went through my FCP file carefully again and found that there were one or two media files that had disconnected from their source file. This was a remnant from getting this project from another person. Once I had reconnected all my media, the XML imported into Premiere without a hitch.
Happy editing all!