NMM updated; Skyrim won't run (application load error P:0000065432)

[Phigon]

As the title suggests, after NMM updated to its latest version this morning, it said it was going to uninstall all my mods and reinstall them, and that this would be a lengthy process. However, it did not do this. It simply updated NMM, and left my mods untouched. So now, when I launch Skyrim, I get a Steam error that says "Application Load Error P:0000065432"

 

Would this be fixed my making NMM do what it was going to following the update? If so, could someone instruct me on how to do that?

 

Thanks!