You may get lucky by cleaning the threads with a tap. Take a look in the hole and see how much deeper it goes. If there is some additional room\ incomplete threads in the base of the hole that is not stripped out you may get lucky. Buy a bottom tap (not a plug tap) (
like this one) from MSC for example. Run the tap all the way until it bottoms out in the base of the hole - this will make complete threads out of the incomplete threads in the base of the hole + clean out the crap. Don't put too much force on it and use cutting oil. The last thing you want to do is break the tap off in the hole because then you will be really screwed then and you will never get it out.
Get a M12X1,5 bolt from the hardware store (of the same grade not sure if it is 8.8, 10.8 or 12.8) that is longer and see if you can catch some of the good threads that are now in the base of the hole. Since the stock bolt is 60mm in length, try a 70mm. Install the shock and tighten the bolt by hand and if it bottoms out and there is a gap under the head don't continue to crank the bolt because it will just strip out all of the threads. Remove the bolt and stack a washer or 2 and try again (you want to make up for the gap under the bolt head when the bolt was bottomed out). You may also want to use 10mm washers on the 12mm bolt (you may have to grind the ID slightly) to insure that you don't clamp on the shock or rubber bushing, but just the steel sleeve.
If that doesn't work then the next best thing for this would be a Helicoil. If you go to the next size SAE bolt it may not fit through the sleeve in the shock. You may want to double check that before you start drilling and tapping if you go that route.