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 Special Situations Fund IV LP (Director, 10% Owner)
Reporting Person: Avenue Capital Partners IV, LLC (10% Owner)
Reporting Person: GL Partners IV, LLC (10% Owner)
Reporting Person: Avenue Special Situations Fund V LP (Director, 10% Owner)
Reporting Person: Avenue Capital Partners V, LLC (10% Owner)
Reporting Person: GL Partners V, LLC (10% Owner)
Reporting Person: Avenue Capital Management II, L.P. (10% Owner)
Reporting Person: Avenue Capital Management II GenPar, LLC (10% Owner)
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	2251184	$10.8585	Disposed	4275774	Direct
2012-05-07	Common Stock, $0.01 par value	S	2847584	$10.8585	Disposed	5336837	Direct

Footnotes

F1: The filing of this Form 4 shall not be construed as an admission that Avenue Capital Partners IV, LLC ("Capital Partners IV"), GL Partners IV, LLC ("GL Partners IV"), Avenue Capital Partners V, LLC ("Capital Partners V"), GL Partners V, LLC ("GL Partners V"), Avenue Capital Management II, L.P. ("Avenue Capital Management"), Avenue Capital Management II GenPar, LLC ("Avenue Capital Management GenPar") or Marc Lasry (collectively, 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 of the Issuer directly held by Avenue Special Situations Fund IV, L.P. ("Fund IV") and Avenue Special Situations Fund V, L.P. ("Fund V"). Pursuant to Rule 16a-1, the Controlling Persons disclaim such beneficial ownership except to the extent of their pecuniary interest therein.

F2: After giving effect to the transactions reported herein, Fund IV holds directly 4,275,774 shares of Common Stock of the Issuer. Capital Partners IV serves as the general partner of Fund IV, and GL Partners IV serves as the managing member of Capital Partners IV. Each of Capital Partners IV and GL Partners IV holds indirectly the 4,275,774 shares of Common Stock of the Issuer held directly by Fund IV. Capital Partners IV is entitled to receive a performance-based allocation from Fund IV and GL Partners IV, as the managing member of Capital Partners IV, has an indirect interest in such allocation. Mr. Lasry owns an interest in Capital Partners IV and GL Partners IV and receives a portion of the profits allocation related to Fund IV.

F3: After giving effect to the transactions reported herein, Fund V holds directly 5,336,837 shares of Common Stock of the Issuer. Capital Partners V serves as the general partner of Fund V, and GL Partners V serves as the managing member of Capital Partners V. Each of Capital Partners V and GL Partners V holds indirectly the 5,336,837 shares of Common Stock of the Issuer held directly by Fund V. Capital Partners V is entitled to receive a performance-based allocation from Fund V and GL Partners V, as the managing member of Capital Partners V, has an indirect interest in such allocation. Mr. Lasry owns an interest in Capital Partners V and GL Partners V and receives a portion of the profits allocation related to Fund V.