Problem with recent Excel 2011 update

I installed an update to Mac Excel 2011 yesterday. It complete sucessfully but the VBA component is now missing. All Exel files with VBA code now cannot be opened. The following message is shown for each:

Excel could not open xxxx.xlsm because some content is unreadable. Do you want to open and repair this workbook?

I attempted to use the Time Machine to restore the Excel applicatiion but it will not run because it says Excel is open when it is not.

Has anyone had a similar problem with the latest update to Excel?