Sometimes the following will happen:
You have a couple of templates and want to update them, you right click the VMware Template and the option to convert to Virtual Machine is grayed out. In this case it was a VMware vSphere ESXi 5.5U2 environment.
Also the Rename and other options are grayed out. How to solve this issue?
Try to deploy a virtual machine from this template. After you successful deployment the options are available again. Strange, but in my case it works..
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