In my case the workaround works.
It is not the whole device ccmni0 blocked - only transmission with a huge 
number of errors:

/var/log/syslog:
.
Aug  3 17:42:06 ubuntu-phablet kernel: [43904.216292][ccci/net] (1)CCMNI0 TX 
busy and stop queue: q_idx=32, skb->len=70 
Aug  3 17:42:06 ubuntu-phablet kernel: [43904.216326][ccci/net] (1)       TX 
read_out = 0  avai_out = 32 avai_in = 32
Aug  3 17:42:06 ubuntu-phablet kernel: [43904.216352][ccci/net] (1)       RX 
read_out = 0  avai_out = 0 avai_in = 99
.
[Repeating serveral times]
.


Output of ifconfig:

ccmni0    Link encap:Ethernet  Hardware Adresse c2:75:ba:b8:fd:3e  
          inet Adresse:10.79.248.38  Maske:255.255.255.0
          UP RUNNING NOARP  MTU:1500  Metrik:1
          RX-Pakete:21543 Fehler:0 Verloren:0 Überläufe:0 Fenster:0
          TX-Pakete:17009 Fehler:8017 Verloren:0 Überläufe:0 Träger:0
          Kollisionen:0 Sendewarteschlangenlänge:1000 
          RX-Bytes:15643461 (15.6 MB)  TX-Bytes:1860544 (1.8 MB)
.

(massive transmission errors: "Fehler:8017")

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You received this bug notification because you are a member of Ubuntu
Touch seeded packages, which is subscribed to indicator-network in
Ubuntu.
https://bugs.launchpad.net/bugs/1607079

Title:
  Cellular Option immediately crashes [OTA-12]

Status in Canonical System Image:
  In Progress
Status in indicator-network package in Ubuntu:
  In Progress
Status in ofono package in Ubuntu:
  Invalid
Status in ubuntu-system-settings package in Ubuntu:
  Invalid

Bug description:
  After upgrading to OTA-12 today, everything seemed to work perfectly.
  But after rebooting the first time, I was not asked for a SIM PIN
  number. I had to deactivate/activate the SIM card so I could use the
  phone again.

  Due to the fact that the indicator-network is empty, I tried to
  activate the 3G connection by using the cellular option in the system
  settings.

  The cellular data option immediately crashes when selecting it.

  Edit:
  After rebooting a few times and deactivate/activate the SIM card again I 
could use this option. But I cannot activate/deactivate the cellular data 
option. My carrier is shown correctly.

To manage notifications about this bug go to:
https://bugs.launchpad.net/canonical-devices-system-image/+bug/1607079/+subscriptions

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