DELL PowerEdge R410 doesn't boot with Linux 3.2.0-48

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http://ubuntuforums.org – We have a production server running Ubuntu Server 12.04.2 on a Dell Inc. PowerEdge R410/01V648, BIOS 1.8.2 08/19/2011. It has Asterisk 1.8 PBX installed from the standard repositories and connecting calls via a Digium, Inc. Wildcard TE121 single-span T1/E1/J1 card (PCI-Express) (rev 11). After doing the latest dist-upgrade (to install packages that was held back) the server doesn't boot. After a while of black screen it quickly prints something that looks like a stack trace, and then gets stuck in a loop printing something like udevd[XXX]: timeout: killing '/sbin/modprobe -bv pci:XXXXXXXXXXXXX (Hardware)