Cut ends from bread and cut remaining loaf into 1-1/2 inch thick slices. Let stand uncovered, 4 hours to overnight. In 9 x13" pan, combine orange juice, cream, eggs, cinnamon, vanilla extract, sugar and nutmeg. Whisk until well blended. Lay bread in pan; turn several times until all liquid is absorbed, 3 to 5 minutes.
Melt butter in 12" to 14" frying pan over medium heat. Put soaked bread into frying pan. Cook, turning as needed until richly browned on both sides (5 minutes). Dust with powdered sugar and serve.