Cut an X on the bottoms of the peaches, carefully cutting just through the skin. Fill a large Dutch oven with water; bring to a boil. Immerse peaches for 20 seconds; remove with a slotted spoon, and plunge into ice water. Slip skins off peaches using a paring knife (skin will be very loose). Cut peaches in half; remove pits.
Preheat oven to 425 degrees.
Place peaches in a large bowl; sprinkle with sugar. Cover and chill.
Combine chicken and onions in a 13x9 inch backing dish; sprinkle with salt and balck pepper. Drizzle with oil; toss chicken gently to coat. Bake at 425 for 30 minutes.
Combine balsamic vinegar, molasses, dried thyme and drizzle over the chicken, turning to coat. Bake chicken an additional 20 minutes. Add the peaches to chicken mixture in dish, basting with cooking liquid. Bake and additional 10 minutes or until chicken is done. Place 1 cup cous cous on each of 4 plates, and top with 2 chicken thighs, 4 red onion wedges, and 2 peach halves. Spoon sauce evenly over each serving.
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