It doesn't seem to fix the problem.

ii  open-iscsi                                2.0.871-0ubuntu9                        High performance, transport independent iSCSI implementation
ii  open-iscsi-utils                          2.0.871-0ubuntu9                        iSCSI initiatior administrative utility

Oct 19 13:19:53 r60 NetworkManager[907]: <info> sleep requested (sleeping: no  enabled: yes)
Oct 19 13:19:53 r60 NetworkManager[907]: <info> sleeping or disabling...
Oct 19 13:19:53 r60 NetworkManager[907]: <info> (eth0): now unmanaged
Oct 19 13:19:53 r60 NetworkManager[907]: <info> (eth0): device state change: activated -> unmanaged (reason 'sleeping') [100 10 37]
Oct 19 13:19:53 r60 NetworkManager[907]: <info> (eth0): deactivating device (reason 'sleeping') [37]
Oct 19 13:19:54 r60 NetworkManager[907]: <info> (eth0): canceled DHCP transaction, DHCP client pid 1091
Oct 19 13:19:54 r60 NetworkManager[907]: <info> (eth0): cleaning up...
Oct 19 13:19:54 r60 NetworkManager[907]: <info> (eth0): taking down device.
Oct 19 13:19:54 r60 kernel: [  176.684717] tg3 0000:02:00.0: PME# enabled
Oct 19 13:19:54 r60 kernel: [  176.684744] pcieport 0000:00:1c.0: wake-up capability enabled by ACPI
Oct 19 13:19:54 r60 NetworkManager[907]: <info> (wlan0): now unmanaged
Oct 19 13:19:54 r60 NetworkManager[907]: <info> (wlan0): device state change: unavailable -> unmanaged (reason 'sleeping') [20 10 37]
Oct 19 13:19:54 r60 NetworkManager[907]: <info> (eth0): carrier now OFF (device state 10)
Oct 19 13:19:54 r60 kernel: [  176.684717] tg3 0000:02:00.0: PME# enabled
Oct 19 13:19:54 r60 kernel: [  176.684744] pcieport 0000:00:1c.0: wake-up capability enabled by ACPI
Oct 19 13:20:02 r60 kernel: [  184.560042]  connection1:0: ping timeout of 5 secs expired, recv timeout 5, last rx 4294935932, last ping 4294937184, now 4294938436
Oct 19 13:20:02 r60 kernel: [  184.560063]  connection1:0: detected conn error (1011)
Oct 19 13:20:03 r60 iscsid: Kernel reported iSCSI connection 1:0 error (1011) state (3)
Oct 19 13:20:02 r60 kernel: [  184.560042]  connection1:0: ping timeout of 5 secs expired, recv timeout 5, last rx 4294935932, last ping 4294937184, now 4294938436
Oct 19 13:20:02 r60 kernel: [  184.560063]  connection1:0: detected conn error (1011)
Oct 19 13:20:05 r60 iscsid: cannot make a connection to 192.168.178.27:3260 (-1,101)
Oct 19 13:20:38  iscsid: last message repeated 11 times
Oct 19 13:21:41  iscsid: last message repeated 21 times
Oct 19 13:22:02  iscsid: last message repeated 7 times
Oct 19 13:22:02 r60 kernel: [  305.120071]  session1: session recovery timed out after 120 secs
Oct 19 13:22:02 r60 anacron[2414]: Anacron 2.3 started on 2011-10-19
Oct 19 13:22:02 r60 anacron[2414]: Normal exit (0 jobs run)
Oct 19 13:22:03 r60 kernel: [  305.361209] EXT4-fs (sda1): re-mounted. Opts: errors=remount-ro,data=writeback,commit=0
Oct 19 13:22:02 r60 kernel: [  305.120071]  session1: session recovery timed out after 120 secs
Oct 19 13:22:03 r60 kernel: [  305.361209] EXT4-fs (sda1): re-mounted. Opts: errors=remount-ro,data=writeback,commit=0
Oct 19 13:22:04 r60 kernel: [  307.163876] PM: Syncing filesystems ... done.
Oct 19 13:22:04 r60 kernel: [  307.170237] PM: Preparing system for mem sleep
Oct 19 13:22:05 r60 iscsid: cannot make a connection to 192.168.178.27:3260 (-1,101)