The nut spinning means the cam inside the tensioner is either shot or it has become disconnected from the rachet bar it connects to. Either way you have 2 choices, you can try this first as it may work, try holding the nut with a ring spanner, use a screwdriver to hold the screw, see if that means you can now remove the nut. If it doesn't and I suspect you may have already tried this then the simplest method is to cut the nut off just behind it, try to keep the cut tidy and file any areas sticking off the thread afterwards or it may jam inside the barrel hole. You should then be able to just push the rest of the bolt through the hole and disengage the tensioner, I'd keep what's left myself as you never know if a part might come in useful at some later date.