Season chicken with salt and pepper. Heat olive oil in a wide, deep-sided pan over medium-high heat. Sear chicken thoroughly on all sides until it is a deep, golden color, about 3-5 minutes per side. Transfer chicken to a plate.
Add shallots and thyme to the pot, and sauté 3-4 minutes, until soft and golden. Pour wine into pan, and scrape up any bits left from the chicken. Cook 1-2 minutes, until nearly all liquid has evaporated.
Add vinegar, broth, honey, bay leaf, and chicken to the pan, and bring to a simmer. Cover tightly, and reduce heat to low. Cook 20 minutes, turning once, until chicken is cooked through.
Transfer chicken to a plate. Remove bay leaf, and skim off and discard any fat floating on the surface of the sauce. Cook sauce uncovered over medium-high heat for 6-8 minutes to reduce liquid by half, until the consistency of syrup. Reduce heat to medium-low, add chicken back to pan, spoon sauce over top, and cook for 2 minutes to reheat. Serve hot.