Blanch sprouts in boiling, lightly salted water until just tender, 3-4 min. Drain and shock in ice water. When cool, drain and blot dry on paper towels. Sauté bacon over med heat until almost crisp; add shallots and cook until softened, 2 min. Add sprouts, cream, salt, black pepper and thyme. Bring to a simmer until sprouts are heated through and cream is slightly thickened. Serve hot.