I spent last weekend removing the sheared off bolt from my brother's rear end (no we are not that sort of family

)
We used a combination of a set of Craftsman bolt extractors, some small metal drills and in the end of Tap and Die set to re-do the thread
Basically the bolt extractors didn't work very well but did have the advantage that they were very good quality metal so easily cut into the bolt and also did cut in opposite direction to the screw thread - managed to make a pretty deep hole in the bolt with the extractor (until we broke the extractor which we easily removed with a mole grip)
We then used the metal drills (in increasing sizes to drill right through the remains of the bolt until we had removed most of the bolt.
Then used the tap and die set as a way of punching out the swarf that remained in the threads.
It wasn't a pretty solution and the bolt hole ended up not perfectly circular at the outer edge - but was undamaged further in.
We have temporarily re-assembled the rack with some stainless bolts that we had lying around - but brother is planning to buy the new design.
Luckily for me I got the new design delivered to go on the bike I picked up this morning so should not see this problem.
Note I believe Laser Tools do bolt extractors that Halfords sell - they are a different design so might work a little better
The Craftsman extractors came from America (when my brother lived there) and we have had them for some time.
Tap and die set came from B&Q for just over £10 - Halfords sell a more expensive £30 option