"up2date --showall" generates Exceptions.ValueError

Issue

Running up2date generates following error:

An error has occurred:
Exceptions.ValueError
See /var/log/up2date for more information'

The log file shows following information:

[Thu May 23 10:59:41 2013] up2date updating login info
[Thu May 23 10:59:41 2013] up2date logging into up2date server
[Thu May 23 10:59:42 2013] up2date successfully retrieved authentication token from up2date server
[Thu May 23 10:59:42 2013] up2date availablePackageList from network
[Thu May 23 10:59:42 2013] up2date   File "/usr/sbin/up2date", line 1273, in ?
    sys.exit(main() or 0)
   File "/usr/sbin/up2date", line 791, in main
    fullUpdate, dryRun=options.dry_run))
   File "/usr/sbin/up2date", line 1110, in batchRun
    batch.init()
   File "/usr/share/rhn/up2date_client/up2dateBatch.py", line 70, in init
    self.__findPackagesToUpdate()
   File "/usr/share/rhn/up2date_client/up2dateBatch.py", line 106, in __findPackagesToUpdate
    plist.addGlobs(self.listOfGlobs)
   File "/usr/share/rhn/up2date_client/packageList.py", line 161, in addGlobs
    availList = rhnPackageInfo.getAvailablePackageList()
   File "/usr/share/rhn/up2date_client/rhnPackageInfo.py", line 235, in getAvailablePackageList
    package_list = availablePackageList(
   File "/usr/share/rhn/up2date_client/rhnPackageInfo.py", line 169, in availablePackageList
    progressCallback = progressCallback)
   File "/usr/share/rhn/up2date_client/rpcServer.py", line 238, in doCall
    ret = apply(method, args, kwargs)
   File "/usr/share/rhn/up2date_client/repoDirector.py", line 22, in listPackages
    return self.handlers[channel['type']].listPackages(channel, msgCallback, progressCallback)
   File "/usr/share/rhn/up2date_client/rpmSource.py", line 229, in listPackages
    msgCallback, progressCallback)
   File "/usr/share/rhn/up2date_client/repoBackends/yumRepo.py", line 239, in listPackages
    (envra, rpmPath) = string.split(line, '=')