I do not know these machines - or any other similar machines - but the message you report strongly suggests that the disk onto which the recordings are made has become corrupted - it may be slightly defective or it may be very broken - but the message Format Device suggests an inability to write to or read from the disk.
It may have to visit the video doctor - it may need a new disk.
Look in your user manual for any instructions about formatting the disk - or on line perhaps.
Good Luck..., August 2015