UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549	OMB APPROVAL	 	
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
 
MagnaChip Semiconductor Corporation	
(Name of Issuer)	
 	
Common Stock	
(Title of Class of Securities)	
 	
55933J203	
(CUSIP Number)	

Pleasant Lake Partners LLC	
110 Greene Street, Suite 604	
New York, NY  10012	
Tel. No.: 212-554-0680 	
 	
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)	

February 16, 2016	
(Date of Event Which Requires Filing of this Statement)	

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [  ]
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 55933J203
 
1	 
Names of Reporting Persons.
 
Pleasant Lake Partners LLC

2	 
Check the Appropriate Box if a Member of a Group (See Instructions)	 	
 	 
(a)            [ ]	 	
 	 
(b)            [X]	 	
 
3	 
SEC Use Only	 	
 
4	 
Source of Funds (See Instructions):
AF

5	 
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):
[ ]

6	 
Citizenship or Place of Organization.
Delaware	 	
 
Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With	 
7            Sole Voting Power
0	 	
 	 
8            Shared Voting Power
3,419,817 shares	 	 	
 	 
9  Sole Dispositive Power
0	 	 	 	
 	 
10            Shared Dispositive Power
3,419,817 shares	 	 	 	
 
11	 
Aggregate Amount Beneficially Owned by Each Reporting Person
3,419,817 shares	 	 	 	
 
12	 
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)     [ ]	 	 	 	
 
13	 
Percent of Class Represented by Amount in Row (11)
9.8%

14	 
Type of Reporting Person (See Instructions)
OO (Limited Liability Company)	 	 	 	

 
1	 
Names of Reporting Persons.
 
PLP MM LLC

2	 
Check the Appropriate Box if a Member of a Group (See Instructions)	 	
 	 
(a)            [ ]	 	
 	 
(b)            [X]	 	
 
3	 
SEC Use Only	 	
 
4	 
Source of Funds (See Instructions):
AF

5	 
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):
[ ]

6	 
Citizenship or Place of Organization.
Delaware	 	
 
Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With	 
7            Sole Voting Power
0	 	
 	 
8            Shared Voting Power
3,419,817 shares	 	 	
 	 
9  Sole Dispositive Power
0	 	 	 	
 	 
10            Shared Dispositive Power
3,419,817 shares	 	 	 	
 
11	 
Aggregate Amount Beneficially Owned by Each Reporting Person
3,419,817 shares	 	 	 	
 
12	 
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)     [ ]	 	 	 	
 
13	 
Percent of Class Represented by Amount in Row (11)
9.8%

14	 
Type of Reporting Person (See Instructions)
OO (Limited Liability Company)	 	 	 	

 
1	 
Names of Reporting Persons.
 
Pleasant Lake Onshore GP LLC

2	 
Check the Appropriate Box if a Member of a Group (See Instructions)	 	
 	 
(a)            [ ]	 	
 	 
(b)            [X]	 	
 
3	 
SEC Use Only	 	
 
4	 
Source of Funds (See Instructions):
AF

5	 
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):
[ ]

6	 
Citizenship or Place of Organization.
Delaware	 	
 
Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With	 
7            Sole Voting Power
0	 	
 	 
8            Shared Voting Power
3,419,817 shares	 	 	
 	 
9  Sole Dispositive Power
0	 	 	 	
 	 
10            Shared Dispositive Power
3,419,817 shares	 	 	 	
 
11	 
Aggregate Amount Beneficially Owned by Each Reporting Person
3,419,817 shares	 	 	 	
 
12	 
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)     [ ]	 	 	 	
 
13	 
Percent of Class Represented by Amount in Row (11)
9.8%

14	 
Type of Reporting Person (See Instructions)
OO (Limited Liability Company)	 	 	 	

 
1	 
Names of Reporting Persons.
 
Pleasant Lake Offshore Master Fund L.P.

2	 
Check the Appropriate Box if a Member of a Group (See Instructions)	 	
 	 
(a)            [ ]	 	
 	 
(b)            [X]	 	
 
3	 
SEC Use Only	 	
 
4	 
Source of Funds (See Instructions):
WC

5	 
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):
[ ]

6	 
Citizenship or Place of Organization.
Cayman Islands	 	
 
Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With	 
7            Sole Voting Power
0	 	
 	 
8            Shared Voting Power
3,419,817 shares	 	 	
 	 
9  Sole Dispositive Power
0	 	 	 	
 	 
10            Shared Dispositive Power
3,419,817 shares	 	 	 	
 
11	 
Aggregate Amount Beneficially Owned by Each Reporting Person
3,419,817 shares	 	 	 	
 
12	 
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)     [ ]	 	 	 	
 
13	 
Percent of Class Represented by Amount in Row (11)
9.8%

14	 
Type of Reporting Person (See Instructions)
PN (Limited Partnership)	 	 	 	

 
1	 
Names of Reporting Persons.
 
Jonathan Lennon

2	 
Check the Appropriate Box if a Member of a Group (See Instructions)	 	
 	 
(a)            [ ]	 	
 	 
(b)            [X]	 	
 
3	 
SEC Use Only	 	
 
4	 
Source of Funds (See Instructions):
AF

5	 
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):
[ ]

6	 
Citizenship or Place of Organization.
United States	 	
 
Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With	 
7            Sole Voting Power
0	 	
 	 
8            Shared Voting Power
3,419,817 shares	 	 	
 	 
9  Sole Dispositive Power
0	 	 	 	
 	 
10            Shared Dispositive Power
3,419,817 shares	 	 	 	
 
11	 
Aggregate Amount Beneficially Owned by Each Reporting Person
3,419,817 shares	 	 	 	
 
12	 
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)     [ ]	 	 	 	
 
13	 
Percent of Class Represented by Amount in Row (11)
9.8%

14	 
Type of Reporting Person (See Instructions)
IN	 	 	 	

AMENDMENT NO. 5 TO SCHEDULE 13D

This Amendment No. 5 to Schedule 13D (this “Amendment”) relates to shares of Common Stock, par value $0.01 per share (the “Common Stock”), of MagnaChip Semiconductor Corporation, a Delaware corporation (the “Issuer”), c/o MagnaChip Semiconductor S.A., 1, Allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg. This Amendment is being filed by each of the Reporting Persons to amend the Schedule 13D, as amended (the “Schedule 13D”), which was originally filed on June 9, 2015 and amended on June 29, 2015, July 2, 2015, July 8, 2015 and August 31, 2015. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

This Amendment is being filed to supplement Item 4.
Item 4.	Purpose of Transaction
 	
The purpose of this Amendment is solely to correct a clerical error whereby the Reporting Persons erroneously filed a Schedule 13G on February 16, 2016. To correct the clerical error discussed above, the Schedule 13G filed on February 16, 2016 should be disregarded in its totality as an erroneous filing.

SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date:                February 16, 2016

 	PLEASANT LAKE PARTNERS LLC	
 	By: PLP MM LLC	
 	its Managing Member	
 	By: /s/ Jonathan Lennon	
 	 	
 	By: /s/ Jonathan Lennon                                          	
 	Jonathan Lennon, Manager	

 	PLP MM LLC	
 	 	
 	By: /s/ Jonathan Lennon                                          	
 	Jonathan Lennon, Manager	

 	PLEASANT LAKE ONSHORE GP LLC	
 	 	
 	By: /s/ Jonathan Lennon                                          	
 	Jonathan Lennon, Manager	

 	PLEASANT LAKE OFFSHORE MASTER FUND L.P.	
 	By: Pleasant Lake Onshore GP LLC	
 	its General Partner	
 	 	
 	By: /s/ Jonathan Lennon                                          	
 	Jonathan Lennon, Manager	

 	JONATHAN LENNON	
 	 	
 	By: /s/ Jonathan Lennon                                          	
 	Jonathan Lennon, Individually