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Peach Upside-Down French Toast

½ cup margarine
1 cup firmly packed brown sugar
1 tbsp water
1 29-ounce can sliced peaches
1 loaf French bread, unsliced
6 eggs beaten
1 ½ cup milk
1 tbsp vanilla extract
Liquid from canned peaches
2 tbsp cornstarch
1/3 cup orange juice (or 1 tsp lemon extract)

In a small saucepan or microwave, melt the margarine. Stir in brown sugar and water to cook, stirring constantly, until mixture has thickened. Pour into a greased 10x15 or 9x13 inch baking dish.

Drain peaches and reserve the liquid. Place peaches on top of the cooled sugar mixture. Slice the French bread into 1-inch thick slices. Place the bread on top of the peaches, filling in the gaps. In a medium bowl mix the eggs, milk, and vanilla. Pour the mixture over the bread. Cover and refrigerate overnight.

In the morning, uncover and bake in a 350 degree oven for 40 minutes. Cool for 5 minutes. Place a serving tray over the baking pan and invert. In a saucepan mix the reserved peach liquid with the cornstarch. Stir over low heat until thickened. Stir in the orange juice or lemon extract. Serve warm.