I always repair this with a thread insert such a Time-Sert tm. This is a solid (as opposed to the helicoil) insert that is threaded inside and out. New threads for the insert are cut into the case. The outer lip of the case is countersunk to accommodate the lip of the insert. The insert is then threaded in with a special tool that spreads the inside end to lock it in place. When properly done it is a permanent repair that is stronger than the original.
A helicoil is cheaper, quicker, and easier, but has a high failure rate for constant use threads such as drain plugs and spark plugs. The time-sert kit is expensive and should be done by an experienced machinist/mechanic, but it is a permanent repair. When the helicoil fails the repair usually involves engine dis-assembly. I use helicoils on blind holes that won't allow use of the tooling for the time-sert.
Use a 14mm, 1.25 thread insert. This is a common size on many motorcycles including your AVL. Thus you will be able to use common standard parts after the repair.