Preheat oven to 400 degrees F.
Arrange bacon in a single layer on a baking sheet and bake for 5-7 minutes, until partially cooked. Transfer to a paper towel-lined plate to drain.
Drain bacon grease from baking sheet and wipe clean; then coat with nonstick cooking spray.
Using a 3-inch cookie cutter, make a hole in the center of each slice of bread.
Butter one side of each of the bread slices. Place slices onto the prepared baking sheet, buttered side down.
Add 2 strips of bacon and 1 egg to each bread slice, gently cracking the eggs into each hole and keeping the yolk intact. Sprinkle with Parmesan and thyme and season with salt and pepper, to taste.
Bake until egg whites have set and bread is golden brown, about 10-12 minutes.
Serve immediately, garnished with chopped chives.