MAGNACHIP SEMICONDUCTOR Corp — Director's Dealing 2012

May 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MAGNACHIP SEMICONDUCTOR Corp (MX)
CIK: 0001325702
Period of Report: 2012-05-07

Reporting Person: Avenue Investments, L.P. (Director)
Reporting Person: Avenue CDP Global Opportunities Fund LP (Director)
Reporting Person: Avenue International Master, L.P. (Director)
Reporting Person: LASRY MARC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-07	Common Stock, $0.01 par value	S	378610	$10.8585	Disposed	722264	Direct
2012-05-07	Common Stock, $0.01 par value	S	387001	$10.8585	Disposed	732051	Direct
2012-05-07	Common Stock, $0.01 par value	S	1135621	$10.8585	Disposed	2166652	Direct

Footnotes

F1: The filing of this Form 4 shall not be construed as an admission that Avenue Global Opportunities GenPar, LLC ("Global GenPar"), Avenue International, Ltd. ("International"), Avenue International Master GenPar, Ltd. ("International GenPar"), Avenue Partners, LLC ("Avenue Partners"), Avenue Capital Management II, L.P. ("Avenue Capital Management"), Avenue Capital Management II GenPar, LLC ("Capital Management GenPar") or Marc Lasry (the "Controlling Persons") is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the Common Stock, $0.01 par value, of MagnaChip Semiconductor Corporation directly held by Avenue Investments, L.P. ("Avenue Investments"), Avenue-CDP Global Opportunities Fund, L.P. ("Avenue-CDP") and Avenue International Master, L.P. ("International Master"). Pursuant to Rule 16a-1, the Controlling Persons disclaim beneficial ownership except to the extent of their pecuniary interest therein.

F2: After giving effect to the transactions reported herein, Avenue Investments holds directly 722,264 shares of Common Stock of the Issuer. Avenue Partners serves as the general partner of Avenue Investments. Avenue Partners holds indirectly the 722,264 shares of Common Stock of the Issuer held directly by Avenue Investments. Avenue Partners is entitled to receive a performance-based allocation from Avenue Investments. Mr. Lasry owns an interest in Avenue Partners and receives a portion of the profits allocation related to Avenue Investments.

F3: After giving effect to the transactions reported herein, Avenue-CDP holds directly 732,051 shares of Common Stock of the Issuer. Global GenPar serves as the general partner of Avenue-CDP. Global GenPar holds indirectly the 732,051 shares of Common Stock of the Issuer held directly by Avenue-CDP. Global GenPar is entitled to receive a performance-based allocation from Avenue-CDP. Mr. Lasry owns an interest in Global GenPar and receives a portion of the profits allocation related to Avenue-CDP.

F4: After giving effect to the transactions reported herein, International Master holds directly 2,166,652 shares of Common Stock of the Issuer. International is the sole limited partner of International Master, International GenPar serves as the general partner of International Master and Avenue Partners is the sole shareholder of International GenPar. Each of International, International GenPar and Avenue Partners holds indirectly the 2,166,652 shares of Common Stock of the Issuer held directly by International Master. International GenPar is entitled to receive a performance-based allocation from International Master, and Avenue Partners, as the sole shareholder of International GenPar, has an indirect interest in such allocation. Mr. Lasry owns an interest in International GenPar and Avenue Partners and receives a portion of the profits allocation related to International Master.