In a small bowl, combine the salt, garlic powder, and pepper. Rinse the chicken and dry well with paper towels. Season with the spice mixture on both sides and let air dry while the bacon cooks.

Place the bacon in a cold, 12-inch heavy skillet. Turn the heat to medium and cook, stirring occasionally, until the fat has rendered, and the bacon is crispy. Remove from the pan with a slotted spoon and place on paper towels to drain. Reserve for serving.

Increase heat to medium-high. Add the chicken to the hot bacon fat, and, working in batches to not overcrowd the pan, brown well on both sides. Transfer the chicken to a plate or bowl. Once all the chicken is browned, add the onions to the bacon fat and cook, stirring occasionally, until they start to brown, about 5 minutes. Push the onions to one side of the pan and use paper towels to sop up the grease while leaving as much of the brown bits at the bottom of the pan as possible. Add the vinegars to the pan, raise the heat to high, and bring to a boil. Let boil for 1 minute, stirring. Add the chicken broth, chicken, thyme, and bay leaves, and bring to a boil. Reduce the heat and let simmer gently for 40 minutes.

With a slotted spoon, remove the chicken and onions from the skillet and place in a serving dish. Remove the bay leaves and thyme sprigs and pour the pan liquid into a 2-cup glass measuring cup. Let the fat rise to the top, skim it off, and pour the liquid back into the skillet. Add the honey, bring to a boil, and let boil for 2-3 minutes or until the liquid starts to thicken slightly. Spoon the sauce over the chicken and onions, garnish with fresh thyme leaves and the bacon, and serve.