Statement of Changes in Beneficial Ownership (4)

FORM 4

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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3235-0287

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Brigade Leveraged Capital Structures Fund Ltd.	2. Issuer Name and Ticker or Trading Symbol MAGNACHIP SEMICONDUCTOR Corp [ MX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    __X__ 10% Owner _____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle) INTERTRUST CORP SERVICES (CAYMAN) LTD, 190 ELGIN AVENUE, GEORGE TOWN	3. Date of Earliest Transaction (MM/DD/YYYY) 1/21/2020
(Street) GRAND CAYMAN, E9 KY1-9005 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.01 per share	1/21/2020		S		19280	D	$14.54	2082470	D (1)
Common Stock, par value $.01 per share	1/21/2020		S		7462	D	$14.54	2202229	I	See footnote (2)
Common Stock, par value $.01 per share	1/21/2020		S		18025	D	$14.74	2064445	D (1)
Common Stock, par value $.01 per share	1/21/2020		S		6975	D	$14.74	2177229	I	See footnote (2)
Common Stock, par value $.01 per share	1/21/2020		S		32445	D	$14.98	2032000	D (1)
Common Stock, par value $.01 per share	1/21/2020		S		12555	D	$14.98	2132229	I	See footnote (2)
Common Stock, par value $.01 per share	1/21/2020		S		27785	D	$15.36	2004215	D (1)
Common Stock, par value $.01 per share	1/21/2020		S		1215	D	$15.36	2103229	I	See footnote (2)
Common Stock, par value $.01 per share	1/22/2020		S		17933	D	$15.65	1986282	D (1)
Common Stock, par value $.01 per share	1/22/2020		S		785	D	$15.65	2084511	I	See footnote (2)
Common Stock, par value $.01 per share	1/22/2020		S		27705	D	$15.98	2056806	I	See footnote (2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	The reported securities are directly owned by Brigade Leveraged Capital Structures Fund Ltd. (the "Fund") and may be deemed owned by Brigade Capital Management, LP, the investment manager of the Fund, Brigade Capital Management GP, LLC, the general partner of Brigade Capital Management, LP, and Donald E. Morgan, III, the managing member of Brigade Capital Management GP, LLC, each a Reporting Person. Brigade Capital Management, LP, Brigade Capital Management GP, LLC and Mr. Morgan each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed to be an admission that each Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(2)	The reported securities are directly owned by Brigade Leveraged Capital Structures Fund Ltd. and by certain private fund clients of Brigade Capital Management, LP. The reported securities may be deemed beneficially owned by Brigade Capital Management, LP, the investment manager of such private fund clients, Brigade Capital Management GP, LLC, the general partner of Brigade Capital Management, LP, and Donald E. Morgan, III, the managing member of Brigade Capital Management GP, LLC, each a Reporting Person. Brigade Capital Management, LP, Brigade Capital Management GP, LLC and Mr. Morgan each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed to be an admission that each Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Brigade Leveraged Capital Structures Fund Ltd. INTERTRUST CORP SERVICES (CAYMAN) LTD 190 ELGIN AVENUE, GEORGE TOWN GRAND CAYMAN, E9 KY1-9005		X
BRIGADE CAPITAL MANAGEMENT, LP 399 PARK AVENUE 16TH FLOOR NEW YORK, NY 10022		X
MORGAN DONALD E III C/O BRIGADE CAPITAL MANAGEMENT, LP 399 PARK AVENUE, 16TH FLOOR NEW YORK, NY 10022		X
Brigade Capital Management GP, LLC 399 PARK AVENUE 16TH FLOOR NEW YORK, NY 10022		X

Signatures
Brigade Leveraged Capital Structures Fund Ltd., By: /s/ Donald E. Morgan, III, Director		1/23/2020
**Signature of Reporting Person		Date
Brigade Capital Management, LP, /s/ Donald E. Morgan, III, Managing Member of its General Partner		1/23/2020
**Signature of Reporting Person		Date
Donald E. Morgan, III, By: /s/ Donald E. Morgan, III		1/23/2020
**Signature of Reporting Person		Date
Brigade Capital Management GP, LLC, /s/ Donald E. Morgan, III, Managing Member		1/23/2020
**Signature of Reporting Person		Date