Step 1

Cook bacon in a large heavy-bottomed pot over medium heat, stirring occasionally, until crispy, 8 to 10 minutes. Transfer to a plate with a slotted spoon; set aside. Add oil to the drippings in the pot and increase heat to medium-high. Working in batches, add chicken and cook until lightly browned, 4 to 6 minutes per side. Transfer to a plate.

Step 2

Discard all but 1 tablespoon drippings from the pot; return to medium-high heat. Add mushrooms and cook, undisturbed, until lightly browned on one side, 4 to 5 minutes. Stir in onions and cook, stirring occasionally, until the liquid has evaporated, 4 to 6 minutes. Stir in tomato paste, garlic and thyme; cook, stirring occasionally, until fragrant, 1 minute.

Step 3

Stir in wine and broth. Add the chicken and any accumulated juices, carrots and bay leaf. Bring to a boil. Reduce heat to maintain a simmer, cover and simmer until the chicken and vegetables are tender, about 1 hour.

Step 4

Transfer the chicken and vegetables to a platter with a slotted spoon. Bring the mixture in the pot to a boil over high heat. Cook, uncovered, until the liquid thickens and reduces to 2 cups, 6 to 8 minutes. Return the chicken and vegetables to the pot; stir in salt and pepper. Serve sprinkled with the bacon and parsley, if desired.