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This bug has been copied from bug #1339648 and has been proposed
to be backported to 7.2 z-stream (EUS).

OLD: initscripts-9.49.30-1.el7

# echo -e "DEVICE=test\nDEVTIMEOUT=10" > /etc/sysconfig/network-scripts/ifcfg-test
# time ifup test
ERROR    : [/etc/sysconfig/network-scripts/ifup-eth] Device test does not seem to be present, delaying initialization.

real	0m0.121s
user	0m0.048s
sys	0m0.070s

NEW: initscripts-9.49.30-1.el7_2.4

# echo -e "DEVICE=test\nDEVTIMEOUT=10" > /etc/sysconfig/network-scripts/ifcfg-test
# time ifup test
ERROR    : [/etc/sysconfig/network-scripts/ifup-eth] Device test does not seem to be present, delaying initialization.

real	0m10.132s
user	0m0.059s
sys	0m0.069s

New version waits for device appearance for DEVTIMEOUT, which fixing this issue.

Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.

For information on the advisory, and where to find the updated
files, follow the link below.

If the solution does not work for you, open a new bug report.

https://rhn.redhat.com/errata/RHBA-2016-2682.html