I'm with jack & jill and TBM on this one .... if there's access, cutting disc on angle grinder and go straight in on the end of the bolt cutting the nut in half .... then replace with a new nut and bolt on reassembly (as it's not a high stress application I'd go for stainless with a nyloc ... no probs for whoever takes it off next time that way) .... unless it's some century old piece of machinery with irreplaceable hand-made fasteners life's too short to waste much of it saving bolts 🙂
K