yum update returns "error was [Errno 14] PYCURL ERROR 22 - "The requested URL returned error: 407"

Issue

• yum update returns the following error:

yum update
Loaded plugins: product-id, rhnplugin, security, subscription-manager
This system is receiving updates from RHN Classic or RHN Satellite.
Setting up Update Process
redhat-rhn-satellite-5.7-server-x86_64-6                                                                                      | 1.6 kB     00:00
Error: failed to retrieve repodata/e59b76f5798386151ad44f89c95cb3d31d45c7488162ba594911676ecf709af1-primary.xml.gz from redhat-rhn-satellite-5.7-server-x86_64-6
error was [Errno 14] PYCURL ERROR 22 - "The requested URL returned error: 407"

• On Red Hat Satellite 6.x clients, yum fails with following error :

[Errno 14] PYCURL ERROR 22 - "The requested URL returned error: 407"
Trying other mirror.