CentOS 6.3 VMware ESXi 5 network interface problem

I’ve been running CentOS on VMware ESXi 5 hosts for quite some time without any problems. However, after updating CentOS 6.2 to CentOS 6.3 (using the trusty-old ‘yum update’) I found myself presented with the following problem after guest OS reboot:

Bringing up interface eth0: eth0: vmxnet_init_ring alloc_page failed.
RTNETLINK answers: cannot allocate memory

This error is typical for driver issues, so I quickly knew where to look.

Original text can be found on location:
http://www.syn-ack.org/vmware/centos-6-3-vmware-esxi-5-network-interface-problem/