In 12-inch nonstick skillet, cook bacon over medium heat, stirring occasionally, until crisp. Remove bacon from skillet; drain on paper towel.
Add beans and water to skillet. Cover; cook over medium heat 6 to 8 minutes, stirring occasionally, until beans are crisp-tender and water has evaporated.
Stir in garlic-pepper blend, salt, thyme and butter until beans are coated. Sprinkle with bacon.