yum fails with "[Errno 14] Could not open/read file:///var/os/bin/repodata/repomd.xml"

Issue

• Cannot use yum update with the following messages:

oaded plugins: product-id, refresh-packagekit, rhnplugin, security, subscription-manager
Updating certificate-based repositories.
Unable to read consumer identity
file:///var/os/bin/repodata/repomd.xml: [Errno 14] Could not open/read file:///var/os/bin/repodata/repomd.xml
Trying other mirror.
Error: Cannot retrieve repository metadata (repomd.xml) for repository: base_install-bin. Please verify its path and try again

$ yum list available | grep wish
This system is not registered to Red Hat Subscription Management. You can use subscription-manager to register.
file://$YUM0/Satellite/repodata/repomd.xml: [Errno 14] Could not open/read file://$YUM0/Satellite/repodata/repomd.xml
Trying other mirror.

• Cannot download packages, systems have been registered
• yum repolist gives status 0 for all repositories