EXHIBIT 1 - JOINT FILING AGREEMENT

The undersigned hereby agree that the Schedule 13G with respect to the shares of common stock of MagnaChip Semiconductor Corporation, dated as of January 23, 2012, is, and any amendments thereto (including amendments on Schedule 13D) signed by each of the undersigned shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934.

Date:  January 23, 2012

Southpaw Credit Opportunity Master Fund L.P.

By:  Southpaw GP LLC,

        its general partner

By:  /s/ Kevin Wyman                                            

Name: Kevin Wyman

Title: Managing Member

Southpaw Asset Management LP

By:  Southpaw Holdings LLC,

        its general partner

By:  /s/ Kevin Wyman                                            

Name: Kevin Wyman

Title: Managing Member

Southpaw Holdings, LLC

By:  /s/ Kevin Wyman                                                

Name: Kevin Wyman

Title: Managing Member

/s/ Kevin Wyman                                                    

Kevin Wyman

/s/ Howard Golden                                                  

Howard Golden