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On my laptop with Arch Linux i686 when i try reboot or shutdown process stopped on unmount swap stage and nothing appears else.
Versions packages - linux 3.1.2-1, initscripts 2011.11.3-1.
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Try running
swapoff /dev/your_swap_partition
as root and then try shutting down. Any errors from that would probably be useful. There also might be errors in your boot log.
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swapoff and swapon works fine without any errors or messages. I tried disable daemons and observed that problem appera when wicd daemon is started.
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