I've been able to recreate this using the following steps on Intrepid:
1) Run update manager
2) Install updates
3) Kill update-manager 'sudo pkill update-manager'
4) Start update-manager again
5) Press Check (I'm not positive this is necessary)
The package information will now be compressed. I believe switching the
theme to anything fixes it.
** Changed in: update-manager (Ubuntu)
Importance: Undecided => Low
Status: New => Confirmed
Target: None => later
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update manager lines are unreadable
https://bugs.launchpad.net/bugs/249335
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