Cook spinach according to package instructions. Drain well. Set aside. Melt butter in heavy medium skillet over medium heat. Add flour and stir mixture 2 minutes; do not brown. Gradually whisk in whipping cream and milk. Simmer until thickened, about 5 minutes. Stir in spinach, cilantro, green onion, chilies, cumin, coriander and red pepper. Puree in batches in processor until almost smooth. Season with salt and pepper. (Can be prepared 1 day ahead. Cover and refrigerate. Bring to room temperature before using.)