Heat oven to 350°F. Spray 13x9-inch (3-quart) glass baking dish with cooking spray. Place bread cubes in baking dish.
In medium bowl, mix 1/4 cup sugar and nutmeg. Add eggs; beat well with wire whisk. Stir in eggnog. Pour over bread; stir gently to coat. Cover; refrigerate at least 8 hours or overnight.
Heat oven to 350°F. Uncover dish; sprinkle top with 2 tablespoons sugar. Place dish in larger baking pan; place in oven. Pour 1/2 inch water into larger pan. Bake 40 to 45 minutes or until lightly browned and knife inserted in center comes out clean. Remove pan from water bath.
Meanwhile, in medium saucepan, cook pie filling and butter over medium-high heat for about 10 minutes or until butter is melted and filling is bubbly, stirring frequently. Remove from heat; stir in bourbon.
To serve, cut bread pudding into squares; place on individual dessert plates. Serve warm with cherry sauce.