I would recommend what superblacktruck said. A small screwdriver wedged in between pan and bolt with pressure prying it out just a bit while loosening slowly. Many times it will grab a thread as you back it out. Good luck
I've dropped the pan and had a buddy remove the head of the bolt and grind what's left down. He was then able to wind it in all the way with vice grips. The threads looked good so I bought a new bolt and it torqued down good. I've re sealed the pan and reinstalled. I'm now waiting for the sealant to cure. Since I have to go out of town til Friday. I'll know on Saturday if the fix is good.
Thanks to everyone who contributed and lll keep you posted.