This happened to me during my last condition inspection. I tried the thread-chasing tool that comes with the spark plug cleaning kit from ACS and it just made it worse.
Grab the heli-coil with a pair of needle nose or duck-bill pliers and slowly twist/pull it out. Have someone with experience guide you through the installation of a new one.
RV-7A - Slider - N495KL - First flt 27 Jan 17
O-360-A4M w/ AFP FM-150 FI, 1 PMag, Vetterman Trombone Exh, SkyTech starter, PlanePower Alt
Catto 3 blade NLE, FlightLines Interior, James cowl, plenum & intake, Anti-Splat -14 seat mod and nose gear support
All lines by TSFlightLines
"The object of the game, gentlemen, is not to cheat death: the object is not to let him play."
Patrick Poteen, Sgt. U.S. Army