Thanks everybody!
Already tried flattening both sides and this did not help – the bolt is too small and just rounds off. Same happens with slot for a screw-driver.
The chainguard does have a taco, so ignoring this is not an option.
I like the idea with mallet and heat. Will try this tomorrow. I have a nice 400 degrees welding heat-gun (mwhahaha!!).
Tried WD40 – never helped me before in this situations, but soak it just in case!
The last resort will be flattening the top, drilling it out with small/bigger/even bigger drill and then try easy-out or make a new thread with a tap. Done that before and no holes in frame/surrounding -))