Hi.
Looks like reset to me.
Follow the instructions bellow.
How to factory reset SONY PlayStation 3 Slim.
The following tutorial shows all method of master reset SONY PlayStation 3 Slim. Check out how to accomplish
hard reset by hardware keys and settings. As a result your SONY PlayStation 3 Slim will be as new and your core will run faster.
1: Begin by switching off your PlayStation 3 by holding down the Power key for about ten seconds.
2: You have to wait until your device is completely switched off and the power indicator is flashing solid red.
3: After that, press and hold the Power key again for about seven seconds, you should hear two short beeps.
4: Connect a DualShock 3 controller with a USB cable.
5: Press the PS button on the controller.
6: From the menu, scroll down to the Restore PS3 System option and confirm your choice by selecting "Yes".
7: Your console will now perform a factory reset process.
Hope this works, good luck.