I'd get the right sized tap and use it very slowly and carefully to straighten out the threads as best you can. If it holds a screw then use it, otherwise put a few slivers of course steel wool in the hole. Since this is not a structural bolt and has another one in the cage to back it up, it might just work. A helicoil of that size is going to be tough to put in, there usually isn't much 'meat' there to hold it. Back the cage up with a clamp if in doubt.