I saw an item about this on a web site for investors. It appears that the cruise lines will honor all bookings. Of course, customers who have not yet made their final payments will need to do so, either through another agency (after transferring their bookings) or directly to the respective cruise line.
The article on the other site said that the major cruise lines began requiring direct payment from the customers for bookings through this agency several days before it folded due to concerns about the agency's financial situation. Since most payments must go to the cruise line immediately anyway, it seems unlikely that any customers lost money on their cruise bookings. This will also apply to pre-cruise and post-cruise hotel packages and land tours and to flights and transfers booked through the cruise line as part of the cruise package.
Unfortunately, advance payments for airline reservations booked separately by the agency may well be another matter, especially if they involve charters arranged by the agency. The affected customers may have to make new arrangements for flights to and from their ships. This also extends to precruise and postcruise packages offered separately by the agency (not to be confused with those operated by the cruise line or by an independent land tour operator).