IntelliJ debug error when switching to AIR 29.0.122

I am using IntelliJ for an Air project and when I switched for the AIR 28.0.0118 SDK to AIR 29.0.0.122 and tried to debug there was a few second delay and then I got the errors below.

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Error Message:

Error:[MyApp (module MyApp)]: java.net.SocketTimeoutException: Accept timed out

Error:[MyApp (module MyApp)]: java.lang.NoClassDefFoundError: flex2/tools/VersionInfo

Error:[MyApp (module MyApp)]:              at com.intellij.flex.compiler.FlexCompiler.<clinit>(FlexCompiler.java:19)

Caused by: java.lang.ClassNotFoundException: flex2.tools.VersionInfo

                at java.net.URLClassLoader.findClass(URLClassLoader.java:381)

                at java.lang.ClassLoader.loadClass(ClassLoader.java:424)

                at sun.misc.Launcher$AppClassLoader.loadClass(Launcher.java:331)

                at java.lang.ClassLoader.loadClass(ClassLoader.java:357)

                ... 1 more

Exception in thread "main"

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When I switched back to Air 28 (or any other previous Air versions) I did not have any problems. Any ideas as to how to fix this issue?

Details:

• Windows 10
• IntelliJ IDEA 2016.3.7
  Build #IU-163.15529.5, built on May 18, 2017
• AIR 29.0.0.122