The guy above is probably talking about a heli-coil. They work good, but I would not suggest just putting one in that fits the existing hole, which would require a significantly smaller bolt. To go that route the right way you need to remove the box, drill out the hole to the required size, tap it, install the heli-coil which then reduces the hole back down to the original size of the bolt.
Have you tried running a tap through it? If the threads are at least halfway salvagable that is the way to do it.