While it is a nice thing for Microsoft to make the convenience patch for Windows 7 and Server 2008 R2 users it seems to break some things. When you are using VMXnet3 vcnic’s in your vm’s as you should it throws away the old card and creates a new one. To fix this you can uninstall the old card after enabling to view hidden devices in your device manager and adding the IP data to the new nic. Be aware that this might create issues with software that is licensed using mac addresses. According to Microsoft you can also uninstall the patch but I think that would be the last resort for me.
More info from VMware: http://blogs.vmware.com/apps/2016/06/rush-post-microsoft-convenience-update-and-vmware-vmxnet3-incompatibilities.html
The Microsoft KB: https://support.microsoft.com/en-us/kb/3125574